US National Debt Soars to Record $32 Trillion Amidst Economic Uncertainty

The United States national debt has exceeded $32 trillion for the first time in history, according to data released by the Treasury Department. The national debt surged by nearly $400 billion within one business day after President Joe Biden signed the Fiscal Responsibility Act, which suspends the debt ceiling for 19 months. This provides the government with the capability to continue borrowing money until the end of 2024. The Congressional Budget Office has projected the federal deficit for 2023 to be $1.4 trillion. The Biden administration’s budget proposal predicts that the gross national debt will exceed $50 trillion by 2033. This is more than the entire national debt held by the public before the COVID-19 pandemic. The national debt exceeded $31 trillion just over eight months ago, and the $32 trillion mark was reached nine years sooner than had been projected. Congressionally-approved COVID-19-related spending contributes heavily to the rapid increase in the national debt, while the drivers of the runaway debt remain unaddressed. Americans are calling for the government to adopt responsible fiscal policies that involve fully offsetting all new spending or tax cuts with no new borrowing. The government must prioritize addressing the drivers of runaway debt and reform the Broken budget process. Otherwise, they risk placing an unthinkable burden on future generations as critical social programs head to insolvency.