U.S. Government Debt Surpasses $35 Trillion as Lawmakers Spar Over Spending Limits
WASHINGTON, D.C. — The United States government debt has officially exceeded $35 trillion for the first time in history, according to data released Thursday by the Treasury Department. The milestone comes as lawmakers remain deadlocked over raising the federal borrowing limit, sparking concerns over potential default risks and economic stability. The Treasury reported the national debt rose by $1 trillion over the past six months, driven by mandatory spending on Social Security, Medicare, and rising interest payments on existing debt. Congressional Budget Office projections indicate the debt-to-GDP ratio could reach 116 percent by 2034 if current spending trends continue. Federal Reserve Chair Jerome Powell stated the central bank is monitoring the situation closely, though he emphasized the U.S. has never defaulted on its obligations. The government debt total includes both public holdings and intragovernmental accounts. Analysts warn the high debt levels could undermine long-term fiscal health and increase borrowing costs for households and businesses.