As the federal government continues to accumulate debt at a record pace, the U.S. national debt surpassed $35 trillion for the first time in its history on Monday.
New data released Monday afternoon by the Treasury Department put the gross national debt at $35,001,278,179,208.67.
Just a few months ago, the United States passed the $34 trillion threshold in early January 2024, while it reached the $33 trillion mark in September 2023. By comparison, just 40 years ago, the national debt hovered around $907 billion.
The federal budget deficit has widened over the past few years as interest rates have risen, which has increased the net interest costs incurred on servicing outstanding debt. This trend is exacerbated by mandatory spending programs, including Social Security and Medicare, which face rising costs amid an aging U.S. population.
According to the latest estimates from the CBO, the federal government’s budget deficit is expected to reach $1.9 trillion this year.
A $1.9 trillion deficit would be the third largest in U.S. history, behind the $3.1 trillion deficit in fiscal 2020 and the $2.7 trillion deficit in fiscal 2021, the peak of federal spending on pandemic-era relief programs.
