- Days after President Donald Trump signed a bipartisan bill to raise the debt ceiling for three months, the US hit $20 trillion of national debt
- The Treasury Department said statuary debt was increased by $318 billion
- Trump signed the $15 billion hurricane relief package passed by Congress on Friday
By Dailymail.com Reporter| Updated: 07:01 BST, 12 September 2017
The US hit $20 trillion of national debt for the first time in history. This record comes days after President Donald Trump signed a bipartisan bill to raise the debt ceiling for three months.
The Treasury Department said statuary debt was increased by $318 billion. Before the bill was finished, the national debt was at $19.84 trillion.
The House voted 316-90 for the measure that would refill depleted emergency accounts as Florida braces for the impact of Hurricane Irma and Texas picks up the pieces after the devastation of the Harvey storm.
The deal, dubbed the disaster-and-debt deal, was an agreement between Trump and Minority Leader Nancy Pelosi and Senate Minority Leader Chuck Schumer.
The president signed the $15 billion hurricane relief package passed by Congress on Friday.
The Hill notes the federal debt figure includes $5.5 trillion in intragovernmental debt which is the debt one part of the government owes the other.
The president of the conservative Peter G. Peterson Foundation Michael A. Peterson told the website that this new record will force the US to pay $6 trillion in interest over the next decade.
The debt ceiling is extended until December 8 which means the Treasury Department can borrow freely until then.
White House spokeswoman Sarah Huckabee Sanders said in a statement: ‘The President appreciates Congress putting aside partisan politics and acting quickly to ensure that first responders, local officials and federal emergency management personnel have the resources they need to respond to the natural disasters impacting our nation.’
‘Additionally, as the damage from Hurricane Irma unfolds, it is especially important that the men and women in the Southeast and our Caribbean territories stand strong and rest assured that this Administration will always put the needs of the American people above partisan politics as usual.’
Previously, Trump has voiced opposition to raising the debt ceiling – at least under the Obama administration.
He tweeted: ‘The worst negotiators in history (otherwise known as Republicans) have just offered to suspend debt ceiling for four months. Pathetic!’
He also said: ‘I cannot believe the Republicans are extending the debt ceiling—I am a Republican & I am embarrassed!’
For more information read also National Debt Relief Reviews.