According to Treasury Department data released on Friday, the gross national debt exceeded $32 trillion for the first time, on Friday, underscoring the country’s unsettling fiscal trajectory as Washington gears up for another fight over government spending.
A Treasury Department report noted the milestone weeks after Congress agreed to suspend the nation’s statutory debt limit, ending a monthslong standoff.
The debt milestone comes two weeks after President Biden signed legislation to suspend the nation’s borrowing limit through the end of 2024.
Despite the White House and negotiators for House Speaker Kevin McCarthy (R-Calif.) agreeing to $1.5 trillion in spending cuts over the next decade, America’s gross national debt is still projected to exceed $50 trillion by 2033.
The Federal Reserve’s raising of interest rates since last year to combat historic inflation is also expected to make interest payments on the national debt more costly than they have been for decades.
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