U.S. National Debt Surpasses $32 Trillion for the First Time

The gross national debt of the United States has surpassed $32 trillion, marking an unsettling fiscal trajectory as Washington gears up for another battle over government spending. This milestone arrived nine years earlier than projected before the pandemic, primarily due to emergency spending to address the impact of Covid-19 and sluggish economic growth.

Given the persistent problem of the ballooning debt, some experts suggest the formation of a bipartisan fiscal commission to address its long-term drivers. Projections show that the United States could accumulate $127 trillion in debt over the next 30 years, with interest costs consuming nearly 40 percent of all federal revenues by 2053. Treasury Secretary Janet L. Yellen defended the Biden administration's handling of the nation's finances, citing their budget proposals to reduce the deficit by $3 trillion. She also warned that Republican tax policies would worsen the fiscal situation, benefiting the wealthy and corporations while doing nothing for working families.