U.S. national debt hits record high $34 trillion
The United States’ gross national debt has passed $34 trillion, in an all-time record high, Associated Press reported on Wednesday.
This new record comes to shed light on the coming political and economic challenges to help improve the country’s balance sheet in the coming years, AP added.
“We are beginning a new year, but our national debt remains on the same damaging and unsustainable path,” said CEO of the Peter G. Peterson Foundation, Michael Peterson.
According to Fox Business, this new record of debt level comes as the Congress is racing to finalise critical funding bills to prevent a government shutdown.
Republican lawmakers agreed with the White House last June to temporarily lift the nation’s debt limit, staving off the risk of what would be a historic default.
This agreement will last until January 2025.
