US debt exceeds $33tr as each citizen now owes $97,000

The US debt exceeded the $33 trillion level for the first time on late Monday, implying that each citizen owes $97,000.

According to US Treasury figures, the country's debt reached a historical high amid budget discussions in Congress.

The debt reached $32 trillion in June, an increase of $1 trillion in a three-month period.

If current trends continue, debt will reach $34 trillion by the end of the year.

The US reached its debt limit of $31.4 trillion on Jan. 19, and the US Treasury took extraordinary measures to avoid exceeding the limit and prevent a possible default.

After negotiations on the debt limit, an agreement was reached in Congress, and President Joe Biden signed a bill in June to increase the debt limit and prevent the country from defaulting.

The US population is estimated to be around 340 million.

The national debt is the total amount of outstanding borrowing by the US Federal Government accumulated over the nation’s history.

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