2024

United

Time

Trillion

<div class="watcher-guru">
 <p>The <a rel="noopener noreferrer nofollow" title="national debt" href="https://thebittimes.com/tag/national-debt.html">national debt</a> – which measures what the United States owes its creditors — hit $34 trillion as of Friday afternoon, according to new data published by the Treasury Department. It is the first time ever that US debt has surpassed that number.</p>
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    <p lang="en" dir="ltr">BREAKING: 🇺🇸 National debt surpasses $34 trillion for the first time ever.</p>— Watcher.Guru (@WatcherGuru) January 2, 2024
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 <p>The historic debt level comes as Congress races to finalize critical funding bills in order to prevent a government shutdown.&nbsp;The <a rel="noopener noreferrer nofollow" title="national debt" href="https://thebittimes.com/tag/national-debt.html">national debt</a> is expected to nearly double in size over the next three decades, according to the latest findings from the Congressional Budget Office. Furthermore, at the end of 2022, the <a rel="noopener noreferrer nofollow" title="national debt" href="https://thebittimes.com/tag/national-debt.html">national debt</a> grew to about 97% of gross domestic product.&nbsp;Under current law, that figure is expected to skyrocket to 181% at the end of 2053.</p>
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 <p>Servicing the <a rel="noopener noreferrer nofollow" title="national debt" href="https://thebittimes.com/tag/national-debt.html">national debt</a> crisis isn’t helped by the <a rel="noopener noreferrer nofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a> battle that the US also continues to face. Multiple interest rate hikes in 2023 made living in the debt crisis more difficult for Americans. As interest rates rise, the&nbsp;federal government’s borrowing costs&nbsp;on its debt will also increase.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="591" src="https://cdn.thebittimes.com/images/2024/01/03/a820e25503632a1e4931265fb065ffbb.webp" alt="us economy flag wall street debt ceiling" class="wp-image-112833" srcset="https://cdn.thebittimes.com/images/2024/01/03/a820e25503632a1e4931265fb065ffbb.webp 1024w, https://cdn.thebittimes.com/images/2024/01/03/a820e25503632a1e4931265fb065ffbb.webp 300w, https://cdn.thebittimes.com/images/2024/01/03/a820e25503632a1e4931265fb065ffbb.webp 768w, https://cdn.thebittimes.com/images/2024/01/03/a820e25503632a1e4931265fb065ffbb.webp 380w, https://cdn.thebittimes.com/images/2024/01/03/a820e25503632a1e4931265fb065ffbb.webp 550w, https://cdn.thebittimes.com/images/2024/01/03/a820e25503632a1e4931265fb065ffbb.webp 800w, https://cdn.thebittimes.com/images/2024/01/03/a820e25503632a1e4931265fb065ffbb.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Source: ommcomnews.com
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 <p><strong>Also Read: Does Progressive Take American Express?</strong></p>
 <p>Additionally, interest payments on the $34 trillion in <a rel="noopener noreferrer nofollow" title="national debt" href="https://thebittimes.com/tag/national-debt.html">national debt</a> are expected to triple from nearly $475 billion in fiscal year 2022 to $1.4 trillion in 2032. By 2053, the interest payments are projected to surge to $5.4 trillion.</p>
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  <li>inflation</li>
  <li>national debt</li>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/us-national-debt-surpasses-34-trillion-for-first-time-ever-tbt75398.html">https://thebittimes.com/us-national-debt-surpasses-34-trillion-for-first-time-ever-tbt75398.html</a></p>

US National Debt Surpasses $34 Trillion for First Time Ever

TheBitTimes

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