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The federal government s gross national debt has surpassed $34 trillion, a record high that foreshadows the coming political and economic challenges to improve America s balance sheet in the coming years.The U.S. Treasury Department issued a report Tuesday logging U.S. finances, which have become a source of tension in a politically divided Washington that could possibly see parts of the government shut down without an annual budget in place.Republican lawmakers and the White House agreed last June to temporarily lift the nation s debt limit, staving off the risk of what would be a historic default. That agreement lasts until January 2025. Here are some answers to questions about the new record national debt. How did the national debt hit $34 trillion The national debt eclipsed $34 trillion several years sooner than pre-pandemic projections. The Congressional Budget Office s January 2020 projections had gross federal debt eclips [url=https://www.stanleycups.at]stanley flasche[/url] ing $34 trillion in fiscal year 2029.But the debt grew faster than expected be [url=https://www.stanley-cups.uk]stanley quencher[/url] cause of a multi-year pandemic starting in 2020 tha [url=https://www.stanleywebsite.us]stanley bottles[/url] t shut down much of the U.S. economy. The government borrowed heavily under then President Donald Trump and current President Joe Biden to stabilize the economy and support a recovery. But the rebound came with a surge of inflation that pushed up interest rates and made it more expensive for the government to service its debts. So far, Washington has been spending money as if we had unlimited resources, said Sung Won So Iyip IRS warns about child tax credit scams days after checks are sent out
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