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The United States reached a grim financial milestone on Monday as its national debt surpassed $35 trillion for the first time in history. This unprecedented level of debt underscores the growing fiscal challenges faced by the world’s largest economy.
Treasury Department data revealed that the gross national debt stood at $35,001,278,179,208.67 as of Monday afternoon. This marks a rapid increase from the $34 trillion threshold crossed in early January 2024 and the $33 trillion mark reached in September 2023.
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The pace of debt accumulation has accelerated dramatically over recent decades. Four decades ago, the national debt was approximately $907 billion, highlighting the exponential growth in federal borrowing.
Several factors contribute to the widening federal budget deficit:
- Rising interest rates have increased the cost of servicing existing debt.
- Mandatory spending programs like Social Security and Medicare face growing expenses due to an aging population.
The Congressional Budget Office (CBO) projects a federal budget deficit of $1.9 trillion for the current fiscal year. If realized, this would represent the third-largest deficit in U.S. history, surpassed only by the 2020 ($3.1 trillion) and 2021 ($2.7 trillion) deficits incurred during peak pandemic-related spending.
Economic experts warn that sustained high levels of national debt could have long-term consequences for U.S. fiscal stability and global economic standing. As policymakers grapple with this challenge, debates over spending priorities and revenue generation are likely to intensify in the coming months.
