National debt passes $30 trillion for the first time in U.S. history
The national debt rose from almost $28 trillion to $30.01 trillion so far under Biden's first term, according to Treasury data
The U.S. national debt passed $30 trillion for the first time in U.S. history on Tuesday, according to Treasury Department data.
When President Biden took office, the national debt stood at $27.7 trillion.
The federal government ran a budget deficit of $2.8 trillion in fiscal year 2021, according to the Bipartisan Policy Center.
The deficit slightly decreased in FY2021 from a record $3.1 trillion in FY2020, which was the year the coronavirus pandemic began, resulting in historic levels of stimulus spending.
Biden has been pushing for passage of a nearly $2 trillion spending package, titled the Build Back Better Act. The bill has stalled in the 50-50 Senate after West Virginia Democratic Sen. Joe Manchin announced his opposition to the legislation in December.