OAN’s James Meyers
12:12 PM – Wednesday, January 3, 2024
For the first time ever, the United States national debt has eclipsed $34 trillion.
According to the Treasury Department, the national debt hit $34 trillion as of Friday afternoon. Over 40 years ago, the national debt was around $900 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.
The record-setting debt comes as Congress is attempting to beat deadlines for new federal funding plans in order to avoid a government shutdown.
Additionally, the national debt is expected to double over the next three decades, according to the latest reports from the Congressional Budget Office.
Meanwhile, at the end of 2022, the national debt grew to a staggering 97% of gross domestic product.
At the current rate, the figure is expected to increase to 181% at the end of 2053, which would exceed any previous level.
“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.
However, Democrats blamed Republicans for the debt on Tuesday, claiming that it was their problem due to previous debt built up by the Trump Administration.
“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 provided to FOX Business.
More eye-opening research revealed that interest payments are expected to triple from $475 billion in fiscal year 2022 to a staggering $1.4 trillion in 2032. Interest payments are projected to reach $5.4 trillion by 2053.
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