US National Debt Hits Record $34 Trillion

Biden Administration Blames Republican Tax Cuts, Experts Divided on Severity of Debt Issue

The US national debt has reached a record high of $34 trillion, with the federal government borrowing $1 trillion since the start of the NFL season in mid-September.
The Biden administration attributes the increase in national debt largely to Republican tax cuts, claiming they are responsible for about 90% of the increase in the debt as a share of the economy over the last two decades.
Despite the record high, the Biden administration argues that measures have been taken to lower the debt, such as signing the Inflation Reduction Act and cracking down on wealthy tax cheats.
Experts are divided on the severity of the national debt issue, with some viewing it as an urgent crisis and others as a long-term problem.
The Congressional Budget Office projected in January 2020 that the federal government wouldn't be $34 trillion in debt until 2029, but the debt has grown faster due to the fiscal stimulus during the pandemic and the failure to return baseline federal spending to pre-pandemic levels.