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 one should be proud of," Maya MacGuineas, president of the CRFB, said in a statement. "In the past 18 months, we’ve witnessed inflation rise to a 40-year high, interest rates climbing in part to combat this inflation, and several budget-busting pieces of legislation and executive actions. Just in 2022, Congress and the President have approved a combined $1.9 trillion in new borrowing, and President Biden has approved $4.9 trillion in new deficits since taking office. We are addicted to debt."

The U.S. debt reached new heights due to increased spending during the wars in Iraq and Afghanistan following 9/11 and has been on an upward trajectory ever since.