National debt crosses $33 trillion for first time

by ian

The U.S. debt continues to rise at a staggering rate and has now broken $33 trillion for the first time.

The Committee for a Responsible Federal Budget noted that “the underlying deficit is going to roughly double from last fiscal year to this one.” At the same time, publicly held debt is sitting at $26 trillion.

Arizona Republican Congressman David Shweikert warns the debt will keep growing unless D.C. gets its spending under control.

The historic debt level comes as Congress stares down a government shutdown at the end of the month. House Speaker Kevin McCarthy (R-Calif.) is pledging to keep working on a spending bill after a deal struck over the weekend by two factions of the House GOP failed to get enough support to pass.