US National Debt Hits Record $34 Trillion

WASHINGTON (AP) — The U.S. Treasury has announced that the nation’s gross national debt has surpassed $34 trillion.

The record high comes after Republican lawmakers and the White House agreed to temporarily lift the nation’s $31.4 trillion debt limit last year after the government ran up against its legal borrowing capacity and needed to implement “extraordinary measures” to avoid a default.

That agreement lasts until January 2025. Congress is gearing up for another funding fight.