WASHINGTON, Oct 21 (Bernama-Sputnik/RIA Novosti) -- The US national debt has increased by nearly US$400 billion in the two months since surpassing the record US$40 trillion mark, according to the US Treasury Department data reviewed by RIA Novosti.
The US national debt crossed the US$40 trillion threshold on August 19, with another quarter of a trillion dollars added by early October.
Treasury data show that government borrowing has increased by 1 per cent since the end of August, approaching US$40.4 trillion and setting another record.
According to the latest Treasury Department figures, the national debt stood at US$40.396 trillion on October 19.
Based on current growth rates, analysts project that the US national debt could exceed US$50 trillion by 2030. The Congressional Budget Office forecasts that by 2036, federal debt will be 20 per cent higher than GDP.
--BERNAMA-SPUTNIK/RIA NOVOSTI