US National Debt Rising by $1T Every 100 Days

The United States national debt, $34.4 trillion as of Wednesday, is rising at a faster clip as it grows, CNBC reports.

It is now increasing by $1 trillion every 100 days. The national debt reached $34 trillion on Jan. 4, up from $33 trillion on Sept. 15, 2023 and $32 trillion on June 15, 2023.

Before this time, the uptick from $31 trillion had taken eight months.

Bank of America strategist Michael Hartnett believes the 100-day pattern will remain intact, at least until the U.S. national debt reaches $35 trillion.

This is causing “debt debasement” hedges to reach all-time highs, with gold at $2,077 an ounce and bitcoin at $67,734, Hartnett noted Thursday. Inflows to cryptocurrency funds are $44.7 billion so far in 2024, on course for a “blowout” year, he said.

Moody’s lowered its ratings outlook on the U.S. government from stable to negative in November, noting, “In the context of higher interest rates, without effective fiscal policy measures to reduce government spending or increase revenues, Moody’s expects that the U.S.’ fiscal deficits will remain very large, significantly weakening debt affordability.”

The national debt is the amount of money the federal government borrows to cover operating expenses.