If it looks like the trillions have been whizzing by a little less fast in recent months, that the growth of the debt has somehow slowed, that is correct.
Those were the days when everyone in Congress was still trying to hijack the Debt Ceiling law to get their favorite spending priorities! The flat spots in the chart are the visual depictions of a charade unique to American politics, the periods when the debt bounced into the Debt Ceiling. The US gross national debt has now spiked by $4.7 trillion in 13 months since the end of February 2020, in the days before this show started. And it now amounts to $28.08 trillion, as per US Treasury Department on Friday. It gave some of that up on Thursday as some bonds matured. It finally happened, that glorious moment, when, after teetering on the verge for weeks – for reasons we’ll get into shortly – the incredibly spiking US gross national debt, after kissing the line a couple of times for a moment, finally, and suddenly by a big leap, jumped over the $28-trillion mark, with a $143-billion leap in one day on Wednesday, March 31, following some big Treasury sales. What does it mean for the markets that the government now spends the proceeds from debt sales last spring that the Fed had monetized back then? By Wolf Richter for WOLF STREET.
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