The U.S. government’s debt exceeded $34 trillion for the first time on December 29, just weeks before Congress faces deadlines for new federal funding plans. The national debt represents total historical borrowing by the federal government, rising from $33 trillion in three months due to an expanding budget deficit. Maya MacGuineas, president of the Committee for a Responsible Federal Budget, labeled the record debt as a disheartening “achievement.” Despite economic strength and low unemployment, the concerning trend of escalating national debt persists, defying conventional fiscal wisdom during favorable economic conditions. Now…
