The US national debt exceeded $34 trillion for the first time in history

DW: The volume of the US national debt for the first time in history exceeded $34 trillion, according to statistics from the US Ministry of Finance, published on the department’s website on Tuesday. The day before, it was estimated at 33.911 trillion. The previous record level of national debt of $33 trillion was recorded in mid-September.

At the beginning of 2023, the US national debt exceeded the established ceiling of $31.4 trillion. After this, the US Ministry of Finance repeatedly warned about the threat of default if the limit was not raised. US President Joe Biden and Democrats have called on Congress to raise the cap without any conditions. At the same time, Republicans who control the House of Representatives refused to raise the ceiling without cutting budget spending.

On May 29, Biden and then-House Speaker Kevin McCarthy reached a compromise, and in June Biden signed legislation raising the debt ceiling on January 2, 2025. Until this date, the limit is suspended. The White House assured that the agreement on the national debt would not affect aid to Ukraine.