Federal Debt Tops $26 Trillion for First Time; Jumps $2 Trillion in Just 63 Days
(CNSNews.com) – The debt of the federal government topped $26 trillion for the first time on Tuesday, when it climbed from $25,960,547,920,986.11 to $26,003,751,512,344.91, according to data released today by the Treasury Department.
The federal debt had topped $24 trillion for the first time on April 7, 2020.
It then climbed another trillion dollars in just 28 days, topping $25 trillion for the first time on May 5.
Only 35 days had elapsed from when the debt topped that $25-trillion threshold on May 5 to yesterday, when it topped $26 trillion for the first time.
The chart below shows the date on which the federal debt surpassed each trillion-dollar threshold from $5 trillion to $26 trillion:
Federal Spending and Deficit Set Records Through May
(CNSNews.com) – The federal government set records for both the amount of money it spent and the deficit it ran in the first eight months of fiscal 2020 (October through May), according to data released today in the Monthly Treasury Statement.
During the October-May period, the government spent a record $3,899,536,000,000 while it collected $2,019,240,000,000 in total taxes.
A Scramble for Gold Is Redrawing the Map of the Market
New York faces a gold rush after the pandemic threw precious-metal markets into disarray, setting off a scramble by traders to cut their losses.
Bullion vaults approved by the Comex division of the New York Mercantile Exchange house a record 29.7 million troy ounces, according to FactSet data back to 2013. Almost three quarters of that gold—weighing as much as nine, fully loaded Boeing 737-700 airplanes—has arrived in the past three months.
The displacement was set off by dysfunction in the market in March and early April, caused by fears of a breakdown in ordinarily frictionless gold supply chains. It has reversed the normal flow of bullion from west to east, redrawing the map of the international gold market.