National Debt Soars by $1 Trillion Just Weeks After McCarthy-Biden Debt Ceiling Deal
Just weeks after Speaker of the House Kevin McCarthy (R-CA) gave Joe Biden unlimited borrowing authority in the debt ceiling negotiations, the U.S. government national debt has risen by over one trillion dollars according to publicly available Treasury Department records.
Speaker McCarthy announcing debt ceiling deal, May 27, 2023, file screen image.
On June 2, the day before Biden signed the debt deal onto law, the national debt stood at $31,467,099,921,028.51. As of July 7, the last date available, the debt was $32,477,557,021,205.00.
McCarthy went into the homestretch of negotiations with Biden in May with strong public support for the Republican position of cutting spending but ended up giving Biden unlimited borrowing authority until January 1,
