The U.S. national debt topped $34 trillion for the first time ever.
The national debt – which measures what the U.S. owes its creditors — hit $34 trillion as of Friday afternoon, according to new data published by the Treasury Department. By comparison, just four decades ago, the national debt hovered around $907 billion.
"We are beginning a new year, but our national debt remains on the same damaging and unsustainable path," said Michael Peterson, CEO of the Peter G. Peterson Foundation, which advocates for fiscal sustainability.
At the end of 2022, the national debt grew to about 97% of gross domestic product.
"Though our level of debt is dangerous for both our economy and for national security, America just cannot stop borrowing," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.
The White House was quick to blame Republicans on Tuesday evening for the astronomical rise in the federal debt.
"This is the trickle-down debt — driven overwhelmingly by repeated Republican giveaways skewed to big corporations and the wealthy," Michael Kikukawa, White House assistant press secretary, said in a statement.
The national debt – which measures what the U.S. owes its creditors — hit $34 trillion as of Friday afternoon, according to new data published by the Treasury Department. By comparison, just four decades ago, the national debt hovered around $907 billion.
"We are beginning a new year, but our national debt remains on the same damaging and unsustainable path," said Michael Peterson, CEO of the Peter G. Peterson Foundation, which advocates for fiscal sustainability.
At the end of 2022, the national debt grew to about 97% of gross domestic product.
"Though our level of debt is dangerous for both our economy and for national security, America just cannot stop borrowing," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.
The White House was quick to blame Republicans on Tuesday evening for the astronomical rise in the federal debt.
"This is the trickle-down debt — driven overwhelmingly by repeated Republican giveaways skewed to big corporations and the wealthy," Michael Kikukawa, White House assistant press secretary, said in a statement.
