Overview

• The U.S. national debt exceeded $32 trillion for the first time according to government data.
• The federal debt is projected to continue increasing over the next decade.
• Recent budget cuts passed by Congress will not prevent debt from topping $50 trillion by 2030.
• Lawmakers from both parties have voiced concern about rising debt but have not taken action to address major drivers of deficit spending.
• Some experts have urged Congress to form a bipartisan commission to develop a long-term plan to reduce deficits and slow debt growth.