US National Debt Reaches New High

Photo by Dave Sherrill on Unsplash

( – On Monday, September 18, the US national debt hit $33 trillion for the first time. The Treasury Department published new data which showed that the country’s debt has reached $33.04 trillion while four decades ago it was around $907 billion.

This information comes at a time when the federal government has faced a lot of scrutiny over its spending, according to Fox News.

The outlet reported that Committee for a Responsible Federal Budget president Maya MacGuineas stated that the country just hit a new milestone that will not leave anyone proud. She added that the public debt has also just surpassed $26 trillion, and yet the numbness felt about these numbers does not mean that they are less “dangerous.”

While the country’s debt has been increasing, Congress has been rushing to stop a government shutdown before the end of September.

On September 17, the House GOP unveiled a new short-term plan that would help fund the government for an additional month, until Oct. 31, and stop a government shutdown. The continuing resolution would require all federal agencies, excluding disaster relief, veterans affairs, and defense, to impose an 8 percent spending cut.

Both the House Freedom Caucus conservative members and the more moderate members of the GOP have sponsored the resolution. Still, there are some Republicans who are opposing the measure.

According to Fox Business, Peter G. Peterson Foundation CEO Michael Peterson noted that the lawmakers were moving “from one short-term fiscal crisis to the next” and in the meantime, the national debt was growing. He added that following the debt ceiling debate in June, the national debt hit a new milestone of $32 trillion. Only three months later, the national debt has grown by a trillion and the possibility of a government shutdown is in front of Congress.

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