US Faces Deadlock as National Debt Surpasses $34 Trillion 💸

US Congressional Funding Fight , Continues as National Debt , Hits Record $34 Trillion.<br />In a report issued on January 2, the Treasury <br />Department announced that America's<br />gross national debt has surpassed $34 trillion. .<br />Associated Press (AP) reports that the <br />record-high debt signals impending political and economic challenges for the U.S. in the near future.<br />U.S. debt has emerged as a major source <br />of political tension, dividing Washington <br />ahead of a potential government shutdown <br />due to an inability to approve an annual budget.<br />AP reports that the national debt has surpassed $34 trillion <br />years ahead of pre-pandemic projections suggesting that<br />the record amount would be reached in 2029.<br />So far, Washington has been spending <br />money as if we had unlimited resources. <br />But the bottom line is there is no free lunch, <br />and I think the outlook is pretty grim, Sung Won Sohn, economics professor at Loyola <br />Marymount University, via Associated Press.<br />The gross debt includes funds that the government <br />owes to itself, which leads most lawmakers to rely <br />on the the public's total debt to assess finances. .<br />That figure currently stands at $26.9 trillion, <br />roughly the same amount as the <br />U.S. gross domestic product. .<br />In June of 2023, the Congressional Budget Office released <br />its 30-year outlook which estimated that publicly-held <br />debt will reach 181% of U.S. economic activity by 2053.<br />AP reports that the debt's current trajectory in the coming <br />decades may pose a threat to national security and major <br />programs like Social Security and Medicare.<br />AP reports that the debt's current trajectory in the coming <br />decades may pose a threat to national security and major <br />programs like Social Security and Medicare.<br />Looking ahead, debt will continue <br />to skyrocket as the Treasury expects to <br />borrow nearly $1 trillion more by the end <br />of March. Adding trillion after trillion in debt, <br />year after year, should be a flashing red <br />warning sign to any policymaker who <br />cares about the future of our country, Michael Peterson, Peterson Foundation CEO, via Associated Press