**US National Debt Tops $31 Trillion as Treasury Borrows Record Amount**
The United States national debt has surpassed $31 trillion for the first time, according to data released by the U.S. Treasury Department on Monday. Treasury Secretary Janet Yellen warned that the government will soon reach its borrowing limit, which could lead to a default on U.S. obligations if not raised.
The national debt is the total amount of money that the federal government owes to individuals, businesses, and other countries. It has been growing steadily for decades, but has accelerated in recent years due to rising government spending and tax cuts.
The Treasury Department borrowed a record $1.6 trillion in the fourth quarter of 2022, bringing the total national debt to $31.12 trillion. The government is expected to borrow even more in the coming months to cover its spending, which includes social security, medicare, defense, and interest payments on the debt.
Treasury Secretary Yellen urged Congress to raise the debt limit as soon as possible. .
