The United States' national debt climbed to $32 trillion for the first time, according to data from the Treasury. The US debt first surpassed $30 trillion in 2022, amid increased spending during the COVID-19 pandemic.
The news follows an agreement between the Biden administration and the Republican leadership to suspend the debt ceiling in return for a limit on government spending, excluding defense. However, research cited by the News York Times indicated the US could add $127 trillion in debt over the next 30 years, with interest costs taking up almost 40% of all federal revenues by 2053.
