#USNationalDebt

The US national debt is the total amount of money that the federal government borrows to cover its expenses when revenues exceed expenditures. It consists of public debt (held by individuals, institutions, foreign governments) and internal government debt (between state agencies). The debt has increased over the decades due to military spending, social programs, tax cuts, and economic crises such as the COVID-19 pandemic. It currently exceeds $34 trillion, raising concerns about its impact on economic growth, interest rates, and the dollar. The government addresses the deficit by issuing Treasury bonds. The debate continues between those who believe spending should be reduced and those who call for increased revenue through taxes. The debt ceiling, which limits borrowing, creates periodic crises in Congress when reached.