U.S. national debt tops 34 trillion for first time

"There is not a single economic reason to add to the debt at the rate we are, but sadly our political leaders are unwilling to make the changes we need to turn the fiscal situation around," says Maya MacGuineas.

The U.S. federal government’s total public debt has surpassed 34 trillion U.S. dollars for the first time, the Treasury Department reported on Tuesday.

The total public debt outstanding climbed to 34 trillion dollars from 33.9 trillion dollars on Thursday, according to the newly released Daily Treasury Statement for Friday.

This photo taken on Jan. 20, 2023 shows the U.S. Department of the Treasury in Washington, D.C., the United States. (Xinhua/Liu Jie)

The U.S. gross national debt hit 34 trillion dollars Friday, which is barely three months after it hit 33 trillion and this is a truly depressing achievement, said Maya MacGuineas, president of the Committee for a Responsible Federal Budget in a statement.

“There is not a single economic reason to add to the debt at the rate we are, but sadly our political leaders are unwilling to make the changes we need to turn the fiscal situation around,” said MacGuineas.

The latest debt figure was released as members of Congress brace for another round of battles over federal funding. Current funding for some federal agencies and programs will expire later this month.