The national debt hit an all-time high.
On Wednesday, the national debt soared above $25 trillion as Congress continues to approve massive spending projects to alleviate consequences resulting from the coronavirus pandemic.
$25,057,924,023,406.80 (+) #NationalDebt
— National Debt Tweets (@NationalDebt) May 6, 2020
Less than one month ago, the debt topped over $24 trillion, and on Nov. 1, 2019, that number reached $23 trillion. Over the course of President Trump’s tenure, the national debt has increased more than $5 trillion.
At the end of March, Congress approved, and Trump signed a $2.2 trillion spending bill, the third relief package designed to alleviate economic concerns of small businesses, large corporations, and workers during the COVID-19 pandemic. It allocated $500 billion in loans to large companies, $350 billion in forgivable loans, and provided $1,200 in direct cash payments to most U.S. citizens, among other items.
Trump also signed into law an additional $484 billion coronavirus relief bill at the end of April to provide additional aid to small businesses, cover hospital costs, and increase testing efforts for COVID-19. Lawmakers returned to Washington, D.C., because the loan program for small businesses ran dry.
According to the Senate Committee on Small Business and Entrepreneurship, $3.5 billion was burned through every hour because of the program’s high demand, leaving hundreds of thousands of businesses stranded.
House Democrats are also considering another $1 trillion measure to provide economic aid to states, “hazard” pay for front-line workers amid the coronavirus, and a bailout for the U.S. Postal Service debt.
During the 2016 presidential campaign, then-candidate Trump promised to wipe out the nation’s burgeoning national debt in a period of eight years, insisting that renegotiating trade deals would spark economic growth.
