The US Treasury Department revealed on Tuesday that recent data showed the US' national debt level had exceeded $34.001 trillion just months after having topped $33 trillion.
Meanwhile, Congress needs to pass a funding bill before January 19 or a shutdown of some crucial services, including veterans assistance and food and drug safety agencies, will occur. A more extensive shutdown is looming on February 2.
It is an issue Americans are quickly becoming familiar with - the last potential government shutdown was narrowly avoided just this past November.
With the federal government seemingly intent on the continuing funding of foreign conflicts in Israel and Ukraine, it appears unlikely government spending will be curbed soon. The US is still facing high inflation; although it has slowed recently, some experts believe it could increase again as spending remains on the rise. Spreading de-dollarization globally has also caused some to fear possible hyperinflation.
The upshot: if inflation gets bad enough, $34 trillion might not seem as insurmountable as before. Perhaps, the Biden administration may take a cue from the former Zimbabwe government and issue a $100 trillion banknote.