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The U.S. national debt surpassed $35 trillion for the first time in the nation’s history on Monday as the federal continues to accumulate debt at a record-setting pace.
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The milestone comes just months after the U.S. eclipsed the $34 trillion threshold in early January 2024, while the $33 trillion mark was reached in September 2023. By comparison, the national debt hovered around $907 just four decades ago.
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“Just last month the Congressional Budget warned Americans debt held by the public is on its way to a new share of the in three years. The deficit will be nearly $2 trillion this year and nearly $3 trillion in ten years,” Maya MacGuineas, of the nonpartisan Committee for a Federal Budget, said in a statement.
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“Yet all the risks and warning signs, these bells seem to be falling on deaf ears. Instead, we are hearing an awful lot about spending and tax cuts that make the worse, not better,” MacGuineas added. “We are going to have to get about the debt, and soon. Election years cannot be an exception for trying to foreseeable dangers ¨C and the debt is one of the dangers we are facing.”
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The U.S. topping $35 trillion in total debt comes as the debt held by the public is projected to reach 99% of the size of the U.S. gross domestic this year.
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The nonpartisan Congressional Budget Office (CBO) has projected the debt held by the public will reach a record of more than 106% of GDP in 2027.
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This year the federal government is projected to run a $1.9 trillion budget deficit, to the latest estimate by the CBO.
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That would be $200 billion larger than last year’s deficit, while the CBO’s latest estimate for the year is about $408 billion larger than an estimate published in February.
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