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Land of free and indebted: U.S. debt surpasses historical $20 trillion

Staff Writer |
For the first time in its history, the United States federal government has more than $20 trillion in outstanding debt.

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U.S. debt also exceeds GDP, which was estimated to be roughly $19.23T in the second quarter of 2017.

Trump on Friday signed legislation that extends federal government funding and the debt ceiling through December 8.

Mr. Trump shocked many Republicans by cutting an unexpected deal with House Minority Leader Nancy Pelosi and Senate Minority Leader Chuck Schumer last Wednesday, which permitted the three-month debt-ceiling raise in exchange for quick action on Harvey aid and short-term spending.

He also signed for allowing the Federal borrowing limit to extend until same as given date.

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