US Public Debt Exceeds $34 Trillion for the First Time in History

The US Treasury Department announced Tuesday that the US public debt exceeded $34 trillion for the first time in history.

According to US Treasury data, the US public debt reached $34.001 trillion as of Tuesday.

In September 2022, the US public debt had reached $33 trillion.

Experts told Sputnik that the interest on these huge debts may cost the US government about a third of budget revenues.

The issue of the public debt ceiling in the United States has caused deep disagreements between the Republican and Democratic parties, as Republicans strongly oppose an increase in government debt.

On the other hand, Democrats believe that raising the debt ceiling sometimes becomes necessary to maintain the work of the US federal government and the United States has to fulfill its financial obligations.