National Debt Passes $30 Trillion for the First Time in U.S. History

(Nicholas Ballasy) The U.S. national debt passed $30 trillion for the first time in U.S. history on Tuesday, according to Treasury Department data.

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.