Latest news with #USD37
News18
12-08-2025
- Business
- News18
US national debt reaches a record USD37 trillion, Treasury Department reports
Last Updated: Washington, Aug 12 (AP) The US government's gross national debt has surpassed USD37 trillion, a record number that highlights the accelerating debt on America's balance sheet and increased cost pressures on taxpayers. The USD37 trillion update is found in the latest Treasury Department report issued Tuesday which logs the nation's daily finances. The national debt eclipsed USD37 trillion years sooner than pre-pandemic projections. The Congressional Budget Office's January 2020 projections had gross federal debt eclipsing USD37 trillion after fiscal year 2030. But the debt grew faster than expected because of a multi-year COVID-19 pandemic starting in 2020 that shut down much of the U.S. economy, where the federal government borrowed heavily under then-President Donald Trump and former President Joe Biden to stabilise the national economy and support a recovery. And now, more government spending has been approved after Trump signed into law Republicans' tax cut and spending legislation earlier this year. The law set to add USD4.1 trillion to the national debt over the next decade, according to Congressional Budget Office estimates. Chair and CEO of the Peter G. Peterson Foundation, Michael Peterson said in a statement that government borrowing puts upward pressure on interest rates, 'adding costs for everyone and reducing private sector investment. Within the federal budget, the debt crowds out important priorities and creates a damaging cycle of more borrowing, more interest costs, and even more borrowing." Wendy Edelberg, a senior fellow in Economic Studies at the Brookings Institution said Congress has a major role in setting in motion spending and revenue policy and the result of the Republicans' tax law 'means that we're going to borrow a lot over the course of 2026, we're going to borrow a lot over the course of 2027, and it's just going to keep going." The Government Accountability Office outlines some of the impacts of rising government debt on Americans – including higher borrowing costs for things like mortgages and cars, lower wages from businesses having less money available to invest, and more expensive goods and services. Peterson points out how the trillion-dollar milestones are 'piling up at a rapid rate." The US hit USD34 trillion in debt in January 2024, USD35 trillion in July 2024 and USD36 trillion in November 2024. 'We are now adding a trillion more to the national debt every 5 months," Peterson said. 'That's more than twice as fast as the average rate over the last 25 years." The Joint Economic Committee estimates at the current average daily rate of growth an increase of another trillion dollars to the debt would be reached in approximately 173 days. Maya MacGuineas, president of the Committee for a Responsible Federal Budget said in a statement that 'hopefully this milestone is enough to wake up policymakers to the reality that we need to do something, and we need to do it quickly." (AP) RHL RHL view comments First Published: August 13, 2025, 03:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
![[Watch] Double Joy In Bangkok: Malaysian Pairs Pocket USD37K Each In Thai Open Glory](/_next/image?url=https%3A%2F%2Fwww.therakyatpost.com%2Fwp-content%2Fuploads%2F2025%2F05%2FUntitled26-3.jpg&w=3840&q=100)
![[Watch] Double Joy In Bangkok: Malaysian Pairs Pocket USD37K Each In Thai Open Glory](/_next/image?url=https%3A%2F%2Fall-logos-bucket.s3.amazonaws.com%2Ftherakyatpost.com.png&w=48&q=75){kind=small}
Rakyat Post
18-05-2025
- Sport
- Rakyat Post
[Watch] Double Joy In Bangkok: Malaysian Pairs Pocket USD37K Each In Thai Open Glory
Subscribe to our FREE Malaysian badminton struck gold twice in a thrilling Sunday showdown at Bangkok's Nimibutr Stadium – and we're talking both glory and cold, hard cash here. Power duo Aaron Chia-Soh Wooi Yik and the dynamic women's pair Pearly Tan-M. Thinaah each walked away with a cool USD37,525 (about RM161,191) after claiming their respective titles at the The windfall is all theirs to keep – The women's pair, ranked world No. 4 and top-seeded in Bangkok, defeated their Korean opponents in a straight-set victory that took 58 minutes. For Pearly-Thinaah, this win tastes especially sweet – it's their first title since their Beyond just winning the title, Pearly-Thinaah created history as Malaysia's first-ever women's doubles champions at the Thailand Open since the tournament began in 1984. Cameraman understood the assignment 🥰 Zoom in on that golden smile! ❤️ @Pearly 🫶 . . . . . . Malaysian Pairs Turn Pressure into Gold The men's story packed even more drama, punctuated by lung-busting rallies that had the Nimibutr Stadium crowd on the edge of their seats. Aaron-Wooi Yik, who previously finished as runners-up in 2020, had to dig deep, really deep, against Danish underdogs ranked 75th in the world. The Thai crowd's overwhelming support for the Danish underdogs was understandable, given Aaron-Wooi Yik had earlier dashed local hopes by eliminating home favourites Kittinupong Kedren-Dechapol Puavaranukroh 21-17, 21-13 in the semi-finals. After a nail-biting first set loss, they bounced back like champions to win their first-ever Aaron-Wooi Yik, seeded second in the tournament, will add this trophy to their Both Malaysian pairs are now riding high into next week's It's not a bad payday for a week's work in Bangkok, right? READ MORE : Share your thoughts with us via TRP's . Get more stories like this to your inbox by signing up for our newsletter.
