The US national debt has surpassed $34 trillion, raising concerns about economic stability and national security.
This milestone has sparked debates between Republicans and Democrats, with each side blaming the other for the escalating debt.
The debt has led to credit rating downgrades and is expected to impact future government spending. (Trending: Transgender Actor ‘Purposefully Misgendered’ By Airline Employee)
Rising interest rates have made servicing the debt more expensive, with the government currently spending $2 billion daily on interest payments alone.
The situation has prompted calls for measures to reduce borrowing through tax increases, spending cuts, or the creation of a fiscal commission.
“Though our level of debt is dangerous for both our economy and for national security, America just cannot stop borrowing,” Committee for a Responsible Federal Budget president Maya MacGuineas said.
“We remain hopeful that policymakers will take further measures to reduce our borrowing either by raising taxes, reducing spending, or creating a fiscal commission — or ideally by doing all of the above,” MacGuineas said.
“America’s high and rising debt matters because it threatens our economic future,” the Peter G. Peterson Foundation stated.
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