The total public debt of the U.S. federal government has exceeded 34 trillion dollars for the first time, as reported by the Department of the Treasury on Tuesday.
According to the Treasury’s daily statement released on Friday, the total public debt amount rose from 33.9 trillion dollars on Thursday to 34 trillion dollars.
The gross national debt of the United States reached 34 trillion dollars on Friday, just three months after hitting the 33 trillion dollar mark, a development described as truly disheartening by Maya MacGuineas, President of the Committee for a Responsible Federal Budget.
“There is no economic rationale for burdening the debt at the pace we are, but unfortunately, our political leaders are unwilling to make the necessary changes to address the budgetary situation,” stated Maya MacGuineas.
This latest debt figure comes as members of Congress brace for a new series of battles over federal funding. The current funding for some federal agencies and programs is set to expire later this month.