The US governments public debt has exceeded $23 trillion for the first time in history, according to data released by the Department of Treasury. As of October 31, 2019, the total public debt stood at over $23 trillion, Efe news reported citing the Treasury as saying on Friday.

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According to The Hill news, the national debt has grown by about 16 per cent since President Donald Trump came to power in January 2017 when it stood at $19.9 trillion. The US debt exceeded $22 trillion for the first time 10 months ago.

On October 25, the State Department said the US budget deficit had skyrocketed 26 per cent this fiscal, just under $1 trillion, at $984 billion, the highest in seven years. The fiscal imbalance as a percentage of gross domestic product (GDP) increased from 3.8 per cent in 2018 to 4.6 per cent this year.

In 2017, the budgetary imbalance was $666,000 million, and last year it amounted to $779,000 million. During the election campaign, the president had repeatedly criticized the fiscal deficit during his predecessor, Barack Obama`s administration.

However, after the first three years of Trump`s term, the US deficit has already risen by almost 50 per cent.