US debt reaches $34 billion

Washington DC: The national debt of US has reached a record level of 34 trillion dollars, the foreign media revealed this with reference to the US Department of Finance.

According to the details, this 'debt-subject limit' category does not include unsecured discount on Treasury bills, zero coupon bonds, loans issued by the Federal Financing Bank and loans guaranteed by certain other agencies.

Meanwhile, members of Congress have started making efforts for federal funding in the coming weeks.

The federal debt reached $33 trillion in September 2023, fueled by a growing federal deficit due to declining tax revenues and increased federal spending.

It is pertinent to note that in June last year, the American debt had increased to more than 32 thousand billion dollars.

In this regard, it was stated in the media reports that the US debt was more than the annual production of China, Japan, Germany and Great Britain, on which the US was paying $2 billion in interest per day.

According to the American media, 40 years ago, the national debt of the United States was around 907 billion dollars.