US National Debt Hits $33 Trillion
The US National Debt hit another record.
The debt has now surpassed $33 trillion.
US national debt has surpassed $33 trillion for the first time – as lawmakers scramble to avoid a government shutdown at the end of the month.
The Treasury Department noted that debt reached $33.04 trillion on Monday, meaning it has spiked by $1.58 trillion since the debt ceiling was lifted in early June.
After years of extreme spending, the country reached its debt ceiling of $31.4 trillion in January and months later, in May, President Biden and House speaker Kevin McCarthy agreed to suspend the cap until January 2025.
Although the ceiling has now been lifted, Congress must continue to devise ways to fund the government.
This comes as Congress is at a standstill over the next spending bill.
The issue of the debt is at the center of a standstill in Congress over a spending bill that would sustain the government until the next funding cycle.
Republican lawmakers are pushing for less spending, while Democrats back President Joe Biden’s programs, such as the Inflation Reduction Act, which is estimated to cost more than $1 trillion over the next decade, according to a University of Pennsylvania budget model.
House Republicans on Sunday released their own bill to fund the government until Oct. 31 in exchange for an 8% cut to domestic programs with exceptions for national security, according to NBC News.