Although trillions have been spent to address the economic fallout of the COVID-19 pandemic, the debt increased substantially during Trump's first three years as well.
The treasury secretary said the national debt won't be dealt with until after the COVID-19 pandemic.
The Congressional Budget Office estimates that the federal debt will exceed 100 percent of GDP in 2021.
The swelling amount is at odds with Trump's promises before he was elected, when he said he would eliminate the nation's debt "over a period of eight years."
"I think you can anticipate this coming to a head sometime within the next three weeks, beginning next week," the Senate majority leader said.
"The bottom line is, you have to pay for what you get," the former Democratic presidential candidate said.
The Treasury Department reported that the national deficit jumped by $738 billion last month.
The federal government is lined up to borrow and spend trillions of dollars to combat the economic crisis triggered by the coronavirus pandemic.
Prior to the pandemic, the U.S. was already expecting a budget deficit of about $1 trillion for the current fiscal year.
Our national debt and deficits are about to go through the roof. Democrats in Congress and on the campaign trail must call out Trump's hypocrisy and make the case for a more responsible path forward.
President Donald Trump's $4.8 trillion 2021 budget proposal takes massive cuts from the EPA, student loan assistance and Medicaid, while it boosts military spending and border enforcement.
When he campaigned for the Oval Office in 2016, Donald Trump said he would eliminate the national debt in eight years.
The United Nations is facing a cash shortage that could keep its staffers from being paid in November 2019.
During the 2016 election campaign, President Donald Trump said he'd wipe the federal debt. But it is rising and the deficit is widening.
"The tax cut that the president passed has thus far remained the most unpopular tax cut in the history of polling," said former Obama economic advisor Austan Goolsbee.
Kennedy said that when it comes to actually reducing spending, lawmakers from both parties "don't want to hear about it."
"The deficit under Obama dropped by an average of 11 percent a year in his second term," Chris Wallace told Mick Mulvaney.
"It's just one more extraordinarily reckless example of how Republicans just don't mean anything that they said," Joe Scarborough said.
Trump's interim chief of staff Mick Mulvaney said in April that his administration was "spending a bunch of money on stuff we're not supposed to."
President Donald Trump's 2020 press secretary and a former Obama strategist squared off on Fox News over a Biden and Trump matchup.
The Trump administration, he said, is "spending a bunch of money on stuff we're not supposed to."
Donald Trump told reporters on Friday that he is focused on strengthening the military before worrying about national debt.
Under President Donald Trump, the gross national debt hit a new record. But there's more to this figure than first appears.
"The way our economies are organized means wealth is increasingly and unfairly concentrated among a privileged few while millions of people are barely subsisting," said Oxfam's director of campaigns and policy, Matthew Spencer.
Since Ryan became speaker in 2015, the national deficit has continued to grow.
After instituting a $1.5 trillion tax cut, the Senate majority leader said Tuesday that the only way to lower the record-high federal deficit would be to cut entitlement programs.