U.S. National Debt Surpasses $35 Trillion

The United States' national debt has surpassed $35 trillion for the first time, equating to approximately $267,000 per household and growing by $2.35 trillion over the past year. Both Republican and some centrist Democratic lawmakers have expressed concerns about the surging debt, attributing it to excessive government spending under recent administrations. The Congressional Budget Office projects that the debt held by the public will rise from 99% of GDP this year to 122% by 2034. Critics argue that high spending on entitlement programs and initiatives like the American Rescue Plan and the Inflation Reduction Act have exacerbated the deficit. Without significant reform, experts warn that the federal debt and interest costs will continue to escalate, further straining the economy.