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* Federal debt soared to $34 trillion on December 29, according to Treasury data
* A higher debt load could put upward pressure on inflation, experts warn
* Lawmakers face deadlines for permanent budgets in January and February
US national debt has reached a record high – hitting $34 trillion for the first time in history.
Data published by the Treasury Department Tuesday showed that outstanding federal borrowing soared to $34.001 trillion on December 29, just weeks ahead of Congress deadlines for new federal funding plans.
The staggering figure, which is a major point of contention between Republicans and Democrats, is equal to $101,233 in federal debt for every person in America, according to the Peter G. Peterson Foundation.
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WNU Editor: Here is an easy prediction. This is not going to end well.
US Public Debt Surpasses Record $34 Trillion
US public debt tops $34 trln as Congress heads into funding fight — Reuters
US national debt hits record $34 trillion — CNN
U.S. national debt surpasses $34 trillion — UPI
US national debt surpasses $34T for first time — The Hill
US national debt tops $34T for first time in history — FOX News