US National Debt Exceeds $32 Trillion Amidst Ukraine War Funding

 Amidst Ukraine war funding, The US national debt topped $32 trillion for the first time ever.

According to Treasury Department data released on Friday, the gross national debt exceeded $32 trillion for the first time, on Friday, underscoring the country’s unsettling fiscal trajectory as Washington gears up for another fight over government spending.

A Treasury Department report noted the milestone weeks after Congress agreed to suspend the nation’s statutory debt limit, ending a monthslong standoff.

The debt milestone comes two weeks after President Biden signed legislation to suspend the nation’s borrowing limit through the end of 2024.

Despite the White House and negotiators for House Speaker Kevin McCarthy (R-Calif.) agreeing to $1.5 trillion in spending cuts over the next decade, America’s gross national debt is still projected to exceed $50 trillion by 2033.

The Federal Reserve’s raising of interest rates since last year to combat historic inflation is also expected to make interest payments on the national debt more costly than they have been for decades.

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Michael A. Peterson, The Chief Executive Of The Peter G. Peterson Foundation, Which Promotes Deficit Reduction, In A Statement Said:

“We were fortunate to avoid a default under the debt ceiling, but the broader problem is that we keep ignoring the growing debt itself. As we race past $32 trillion with no end in sight, it’s well past time to address the fundamental drivers of our debt, which are mandatory spending growth and the lack of sufficient revenues to fund it"

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This is coming just days after US announced additional $325 million in security assistance to Ukraine taking it to $40B in weapons sent to Ukraine so far.

The Biden administration announced an additional $325 million in security assistance for Ukraine, including more rockets, artillery and armored vehicles, bringing total weapons pledged to the country amid its war with Russia to $40 billion.

"The funds are part of a presidential drawdown package, meaning the weapons and equipment will be taken from U.S. military stockpiles, and include “critical air defense capabilities, additional munitions for High Mobility Artillery Rocket Systems, artillery rounds, anti-tank weapons, armored vehicles, and other equipment essential to strengthening Ukraine’s forces on the battlefield,” Secretary of State Antony Blinken said in a statement.

https://www.google.com/amp/s/thehill.com/policy/defense/4047788-us-hits-40b-in-weapons-pledged-to-ukraine-with-new-325m-lethal-aid-package/amp/