LOC08:40
05:40 GMT
WASHINGTON, Aug 13 (KUNA) -- The US national debt surpassed USD 37 trillion for the first time in the nation's history on Friday as the federal government continues to accumulate debt at a record-setting pace.
Treasury Department data shows the gross national debt reached USD 37 trillion late Tuesday, as the administration aims to cut spending and raise revenue through customs duties.
Their website confirms the debt, but offers no further detail, noting it is the total outstanding borrowing by the US federal government accumulated over the nation's history.
The federal debt consists of different types of obligations, such as marketable or non-marketable securities, whether held by the public or by the government itself, known as intragovernmental debt.
The national debt allows the federal government to pay for important programs and services for the American public. (end)
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