The United States national debt hit a new milestone, crossing $31 trillion at a time when the economy is in a major downturn.
The US has been carrying trillions in debt for years, leading to near-yearly debate among politicians about whether to raise the debt ceiling. The debates are likely to become even more fiery on news that the US debt has hit a record-breaking $31 trillion.
The news was part of a Treasury Department report, and raises concerns at a time when the US and the world are facing some of the worst economic uncertainty in more than a decade. The concerns over the current debt situation are exacerbated by increased interest rates, despite the rate hikes being a necessary step to help stem rising inflation.
“So many of the concerns we’ve had about our growing debt path are starting to show themselves as we both grow our debt and grow our rates of interest,” said Michael A. Peterson, the chief executive officer of the Peter G. Peterson Foundation, according to The New York Times. “Too many people were complacent about our debt path in part because rates were so low.”
Only time will tell if lawmakers will be able to take steps to reduce the debt.