US national debt hits $33 trillion for the first time in history - as Congresscareens toward a...
US national debt has surpassed $33 trillion for the first time - as lawmakers scramble to avoid a government shutdown at the end of the month.
The Treasury Department noted that debt reached $33.04 trillionon Monday, meaning it has spiked by $1.58 trillion since the debt ceiling was lifted in early June.
After years of extreme spending, the country reached its debt ceiling of $31.4 trillion in January and months later, inMay, PresidentBiden and House speaker Kevin McCarthy agreed to suspend the cap until January 2025.
Although the ceiling has now been lifted, Congressmust continue to devise ways to fund the government.
Funding is established through September 30, but beyond that new legislation will be needed.
That solution will require bipartisan support from the House, as there are still some HouseRepublicans that are unlikely to approve any extension of government spending.
On Sunday half a dozen Republicans announced a proposal to temporarily fund the government until October 31.