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Business InsiderJan 02
US National Debt Tops $34T for First Time in History
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Image copyright: Anna Rose Layden/Getty Images News via Getty Images (Nov. 14, 2023)
The Facts
According to the latest data from the US Dept. of the Treasury, total public debt in America has reached $34T for the first time in history.
As of Dec. 29, 2023, intragovernmental debt — debt the federal government owes to itself — had reached almost $7.1T, while debt held by the public — all debt outside of the US government, less Federal Financing Bank (FFB) securities — sat at $26.9T.
The Spin
Republican narrative
The White House continues to act as if throwing money at every problem is a solution. The Biden administration’s abysmal deficit record is only superseded by the effects of the COVID pandemic. Democrats are failing the American people by plunging the country further and further into debt through unpopular spending decisions, which could eventually lead to America's economic collapse unless reckless spending is curtailed. Both parties are to blame due to bad Beltway habits but the Democrats have been unscrupulous.
Democratic narrative
The Republicans are using bad-faith rhetoric when it comes to US debt. Historically, US debt has spiraled because of Republican-led tax cuts for corporations and the wealthy, most recently spearheaded by the Trump administration. Income inequality must be addressed, and the rich must be taxed fairly. Republicans must acknowledge that’s the real root of the country's financial problems.
