The U.S. national debt has surpassed $34 trillion for the first time, marking a significant milestone amidst heightened scrutiny over government spending.
The Treasury Department’s latest data reveals that the national debt, representing the amount owed by the U.S. to its creditors, reached $34 trillion by Friday afternoon.
In contrast, just four decades ago, the national debt was approximately $907 billion.
This unprecedented debt level coincides with urgent Congressional efforts to finalize crucial funding bills to avert a government shutdown, Fox Business reported.
Projections from the Congressional Budget Office indicate that the national debt is anticipated to nearly double over the next three decades.
As of the end of 2022, the national debt had already reached about 97% of the gross domestic product.
Under existing legislation, this ratio is expected to surge to 181% by the conclusion of 2053, presenting a debt burden surpassing any previous levels.
Written by B.C. Begley
*The following content has been overlayed by an A.I. system for editing and proofreading purposes and should be used for informational purposes only. Any actions taken based on this content are at your own risk. We recommend seeking qualified expertise or conducting further research to validate and supplement the information provided.
B.C. Begley 