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IPFS News Link • Government Debt & Financing

As debt climbs to record $27 trillion, Congress says it's not time to turn off stimulus spending

•, By Nicholas Ballasy

As the national debt approaches $27 trillion, Congress says federal stimulus spending must continue due to the pandemic.

The government spent $864 billion more than it took in during June, bringing the deficit to a record $2.7 trillion so far this year.

According to Treasury Department data, the debt held by the public is $20.6 trillion and the total outstanding national debt is more than $26.5 trillion. In 2019, the U.S. Gross Domestic Product, the total size of the economy, was about $21.4 trillion.

Kentucky Republican Rep. Thomas Massie told Just the News in June that he thinks the national debt will hit $40 trillion by the end of the coronavirus pandemic. Some experts have predicted that the debt held by the public will soon exceed the nation's entire GDP.