The US government's gross national debt has surpassed $34 trillion, a record high that foreshadows the coming political and economic challenges to improving America's balance sheet in the coming years.
The U.S. Treasury Department issued a report logging U.S. finances, which have become a source of tension in a politically divided Washington that could possibly see parts of the government shutdown without a budget.
Republican lawmakers and the White House agreed last June to temporarily lift the nation's debt limit, staving off the risk of what would be a historic default. That agreement lasts until January 2025.
The national debt eclipsed $34 trillion several years sooner than pre-pandemic projections.
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