The nation’s debt topped $34 trillion just over three months after first crossing the $33 trillion mark.
The new national debt milestone comes as Congress returns from its holiday break staring down fast-approaching spending deadlines.
The government averted two government shutdowns last fall. Under a stopgap in November, which prevented a shutdown just before the holidays, the first deadline to fund four federal agencies is Jan. 19.
Funding for the rest of the government is set to expire on Feb. 2.
The nation’s ballooning debt has been a point of contention in recent government funding battles, including a standoff last spring over raising the borrowing limit.
President Biden and House Republicans reached a deal to raise the debt limit last spring just days before the U.S. default deadline.
Fitch Ratings downgraded the U.S. credit rating from “AAA” to “AA+” in August, citing the country’s increasing debt and ongoing partisan clashes over its limit.
“In Fitch’s view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters,” Fitch said at the time.
The Hill’s Julia Shapero has more here.
