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US national debt reached record USD 37 trillion.
The national debt eclipsed this new milestone years sooner than pre-pandemic projections.
The Congressional Budget Office's January 2020 projections predicted the US reaching the milestone after fiscal year 2030.
But the debt grew faster than expected as the COVID-19 pandemic shut down much of the US economy and the Trump and Biden administrations borrowed heavily to stabilise the national economy.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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