"U.S. National Debt Surpasses $34 Trillion Amid Congressional Budget Battles"
The U.S. national debt has surpassed $34 trillion for the first time, raising concerns among fiscal watchdogs and leading to political disputes over government spending and taxation. The increase in debt comes despite a strong economy and low unemployment, typically a period to reduce deficits. Both parties have contributed to the rising debt through various policies, and the issue is complicating negotiations for the fiscal year 2024 budgets, with the threat of a government shutdown looming. Rising interest rates have also significantly increased the cost of servicing the debt, with the U.S. spending $2 billion daily on interest payments. Lawmakers are considering various measures, including tax increases, spending cuts, and the formation of a bipartisan debt commission to address the growing fiscal challenge.
