National debt rose to $21.974T at the end of 2018. Public debt increased to 78% of GDP at the end of 2018 the highest percentage since 1950.

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via upi:

Jan. 3 (UPI) — At the close of 2018, the U.S. national debt was more than $2 trillion higher than when President Donald Trump took office, data released Thursday by the Treasury Department indicates.

The national debt reached $21.974 trillion as of Dec. 31. The increase in debt came a little more than a year after Trump signed a tax reform bill and a lower corporate tax rate lowered Treasury revenues.

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The Congressional Budget Office also reported that the federal budget deficit increased to $779 billion or 3.8 percent of gross domestic product in fiscal year 2018, up from 3.5 percent in 2017.

“As a result, debt held by the public increased to 78 percent of GDP at the end of 2018 — about 2 percentage points higher than the amount in 2017 and the highest percentage since 1950,” the CBO said.

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Council of Economic Advisers chairman Kevin Hassett said Thursday morning that Trump is “absolutely” concerned about the rising national debt, CNN reported.

“We can disagree about a lot of things but we can agree maybe now is the time to get serious about the deficit,” he said.

 

 

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