According to the Treasury Department, the US national debt has surpassed $30 trillion for the first time.

The national debt is the result of the federal government’s deficits accumulating over time. In Japan and China alone, the federal government owes nearly $8 trillion to foreign and international investors.

Due to increases in unemployment and stimulus payments, the Covid-19 pandemic had a significant impact. The debt was already $20 trillion when former President Donald Trump took office, but it has been spiraling in recent years.

“Debt is not at an unsustainable level, but the path is unsustainable,” said Federal Reserve Chairman Jerome Powell.

As part of Biden’s budget package, which is currently stalled in Congress, Democrats want to reduce the debt.