US national debt surpasses $31 trillion for first time

The national debt of the United States blew past $31 trillion for the first time ever Tuesday, a grim milestone that comes amid soaring interest rates that threaten to strain the government's finances.

It comes just nine months after the last milestone of $30 trillion, according to the Committee for a Responsible Federal Budget, and only five years after reaching $20 trillion. The unprecedented spree of government borrowing brought forth by the COVID-19 pandemic, and further borrowing to stimulate the economy, has helped to contribute to the majority of this figure.

"This is a new record no...