National debt reaches new high

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Thursday, January 3, 2019

CNN -- The U.S. national debt has reached a new high.

The treasury department released its latest numbers Thursday.

It says at the end of last year the national debt stood at $21.974 trillion.

That's more than $2 trillion higher than when President Trump took office.

The debt has bounced up in part because of tax cuts passed at the end of 2017.

A republican congress also drastically cut the corporate tax rate and cut revenue for the treasury.

This all comes as the threat of the national debt ceiling looms.

The congressional-imposed cap kicks back in on March.

That severely limits the ability of the treasury department to borrow funding.

Even if Congress doesn't immediately suspend the cap, the treasury department will be able to cover its bills for a short time by moving money around.