America’s gross national debt topped $30 trillion for the first time Tuesday, an ominous fiscal milestone that underscores the fragile nature of the country’s long-term economic health as it grapples with soaring prices and the prospect of higher interest rates. The breach of that threshold, which was revealed in new Treasury Department figures, arrived years earlier than previously projected as a result of trillions in federal spending that the United States has deployed to combat the pandemic. That $5 trillion, which funded expanded jobless benefits, financial support for small businesses and stimulus payments, was financed with borrowed money. The borrowing binge, which many economists viewed as necessary to help the United States recover from the pandemic, has left the nation with a debt burden larger than the entire economy, surpassing levels of red ink not seen since World War II. https://www.seattletimes.com/nation-world/u-s-national-debt-tops-30-trillion-after-pandemic-borrowing-binge
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