Posted 1/4/2024, 6:15:12 PM
U.S. National Debt Soars to $34 Trillion, Raising Economic Risks
- U.S. national debt hits record $34 trillion, exceeding pre-pandemic projections due to heavy pandemic borrowing and spending
- Debt expected to continue rapidly rising, potentially risking national security, Social Security, and Medicare
- Foreign investors holding less U.S. debt, down to 30% from 49% in 2011
- Republicans and Democrats disagree on debt reduction methods - GOP wants spending cuts, Dems want tax hikes
- Growing concern among investors and rating agencies that debt trajectory is unsustainable, though timing of crisis unclear