Key facts
- US national debt is projected to exceed $34 trillion.
- The Congressional Budget Office (CBO) released the projection.
- Rising interest costs and government spending are key drivers.
- The fiscal year ends September 30.
The United States national debt is projected to exceed $34 trillion by the end of the current fiscal year, which concludes on September 30. This significant increase is attributed by the Congressional Budget Office (CBO) to a combination of factors, primarily escalating interest costs on the national debt and continued government spending. The CBO's analysis highlights the growing financial pressures on the U.S. economy.