US debt is almost $22 trillion

According to data released by the US Treasury Department on Thursday, by the end of 2018, US Treasury bonds reached US$21.974 trillion, and Biterp had more than US$2 trillion when it took office.

After the 2008 financial crisis, US Treasury bonds have been accelerating, when Congress and the Obama administration approved stimulus funds to keep the economy running.

At the beginning of Trump's tenure, debt began to stabilize, but with the tax cuts in effect at the end of 2017, the sharply lower corporate tax rate reduced the US government's income, and debt rebounded again last year.

According to the US Congressional Budget Office (CBO), total public debt accounted for 78% of US gross domestic product (GDP) in fiscal year 2018, the highest ratio since 1950. In 2018, the ratio of deficit to GDP jumped from 3.5% in 2017 to 3.8%.

This is especially rare in such a strong economy with no major new spending. If no changes are made, it is expected that by 2028, US public debt will reach 96% of GDP. The Congressional Budget Office reported in April last year that a large part of it, $1.9 trillion between 2018 and 2028, will be due to the tax cuts and employment bill.

When asked about the rising debt, Kevin Hassett, chairman of the White House Council of Economic Advisers, said Trump was "absolutely" concerned about the issue, which is why he asked each cabinet. The agency cuts its budget by 5% in the next budget cycle.

Hassett said: "We can disagree on many things, but we can agree, maybe it is time to take the deficit seriously.