U.S. National Debt Reaches Record High of $32 Trillion

The US national debt has surpassed $32 trillion for the first time, reflecting the country's concerning fiscal trajectory as Congress prepares for another spending fight. The debt is projected to continue climbing over the next decade, even after spending cuts passed this month by Congress. While both Republicans and Democrats have expressed concern about the nation's debt, neither party has shown an appetite to tackle its biggest drivers, such as spending on Social Security and Medicare. Treasury Secretary Janet L. Yellen defended the Biden administration's handling of the nation's finances, noting that the White House had released a budget this year reducing the deficit by $3 trillion.