US national debt hits record $34 trillion

London CNN — The US government’s debt has topped $34 trillion for the first time, just weeks ahead of deadlines for Congress to agree to new federal funding plans. Data published by the Treasury Department showed that “total public debt outstanding” rose to $34.001 trillion on December 29. That figure, also known as the national debt, is the total amount of outstanding borrowing by the US federal government accumulated over the nation’s history. The milestone comes just three months after the US national debt surpassed $33 trillion , as the budget deficit — the difference between what the government spends and what it receives in taxes — ballooned. Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a fiscal watchdog, called the record figure “a truly depressing ‘achievement.’” “Though our level of debt is dangerous for both our economy and for national security, America just cannot stop borrowing,” she said in a statement Tuesday. Also of concern is that the national debt is increasing during a time when the economy is relatively strong and unemployment is low, which is considered a good time to rein in the federal deficit. The government often boosts spending during weak economic periods and high unemployment in an effort to stimulate growth. The national debt has become a major point of contention between Republicans and Democrats, aggravating standoffs over the federal budget that threaten to shut down the government periodically. The debt has soared under both parties in recent years. Republicans say federal spending programs championed by the Biden administration are too expensive, and Democrats say GOP-backed tax cuts in 2017 have squashed revenue. Costly federal Covid-19 relief packages, passed during both the Trump and Biden administrations, also contributed to the increase in the debt. White House spokesperson Michael Kikukawa said the […]

See also  Hong Kong activist flees to UK citing ‘stringent surveillance’ by national security police following his prison release

Click here to visit source. US national debt hits record $34 trillion

By Donato