"U.S. National Debt Soars to Unprecedented $34 Trillion Milestone"
The Biden administration has attributed the historic high of $34 trillion in national debt to Republican tax cuts, claiming they are responsible for 90% of the increase over the last two decades, excluding emergency spending. White House press secretary Karine Jean-Pierre defended President Biden's record, citing the Inflation Reduction Act and measures to tax the wealthy as deficit-reducing efforts. Critics, including FOX Business reporter Edward Lawrence, question the administration's claims, especially given the $10 billion per day increase in national debt. Fact-checkers have previously challenged Biden's assertions about deficit reduction, and the Congressional Budget Office reported a near-$1 trillion deficit in the first seven months of fiscal year 2023. The national debt has grown under both the Biden and Trump administrations, exacerbated by inflation and interest rate increases post-COVID-19 pandemic.