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In the united states for the year 2020, the federal government had a budget deficit therefore national debt was increasing.
The federal government borrowed money to cover budget deficits for a long period of time, which led to the national debt. Since the start of 2020, total debt has increased by almost $8 trillion. In only eight months, it has increased by $1 trillion. During a period when interest rates were low, money was borrowed during the Trump administration as well as in the early days of the Biden administration.
Japan has the highest relative debt of any developed economy when compared to its GDP, even though the United States has the largest national debt in terms of finances. Sharp increases in the national debt are typically explained by tax cuts, stimulus initiatives, higher government spending, and a decline in tax revenue due to high unemployment.
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