US has added $1 trillion to national debt every 3 months since last June

by ian

CNBC reports that the US has been adding a trillion dollars to its debt every three months since last June.

Bank of America investment strategist Michael Hartnett first pointed out the massive number last week. He predicts a 100-day pattern will continue, with the national debt reaching $35 trillion this month.

This comes just a few months after Moody’s Investors Service lowered the US federal government’s credit ratings from “stable” to “negative,” citing the national debt and growing budget deficit.

Fed Chair Jerome Powell is scheduled to testify this week before the House Financial Services and Senate Banking committees to address ongoing financial concerns. The Fed is also expected to cut interest rates this month.