US National Debt Reaches Record High of $32 Trillion

The US national debt has surpassed $32 trillion for the first time in history, just two weeks after President Biden signed legislation suspending the debt ceiling. The government has already spent $1.2 trillion more than it collected in the first eight months of the current fiscal year, and annual budget deficits of $1 trillion or more are expected in the foreseeable future. The recent passage of the costly Inflation Reduction Act, ongoing military aid to Ukraine, and the broad resistance in Congress to significant spending cuts are expected to push the annual budget deficit closer to $2 trillion in the coming years.