The US national debt surpassed $35 trillion for the first time in the nation's history on Monday as the federal government continued to accumulate debt at record rates.
New data from the Treasury Department released Monday evening showed that the US gross national debt reached $35,001,278,179,208.67.
The record was set after a few months of the United States experiencing a surprising threshold in early January 2024 at the value of $34 trillion and $33 trillion in September 2023. The national debt of the world giant has jumped $907 billion in four decades.
According to Maya MacGuineas, President of the Federal Budget Committee said the news is very worrying and it is very unsurprising for anyone who has been following the fiscal trajectory of the current government.
Last month, the Congressional Budget Office warned Americans that the debt held by the public was heading for a new record share of the economy in three years.
The deficit will be nearly $2 trillion this year and nearly $3 trillion over ten years.
The total US debt of more than $35 trillion comes from the debts held by the public based on metrics that are indicators of economists except those held in intergovernmental accounts such as the Social Security trust fund which controls 99% of the US gross domestic product.
The Congressional Budget Office (CBO) projects debt held by the public to reach a record high of more than 106% of GDP in 2027.
It broke a nearly 80-year record in 1946 at a time when the US was in the midst of demobilization after World War II.
The debt-to-GDP ratio is projected to increase over the next few decades.
