US national debt hits record $34 trillion

The US government’s debt has topped $34 trillion for the first time, just weeks ahead of looming deadlines for Congress to agree to new federal funding plans.

The US government’s debt has topped $34 trillion for the first time, just weeks ahead of looming 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 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. Mounting national debt has become a major point of contention between Republicans and Democrats, aggravating stand-offs over the federal budget that threaten to shutdown the government periodically.