The size of the US federal government debt has passed the $35 trillion mark

The federal government's debt has broken the $35 trillion mark, which is equivalent to $100,000 for every American, according to one foundation.

According to the latest data released on the US Treasury website on Monday (July 29), the size of federal government debt rose to $35.001 trillion as of July 26 from $34.998 trillion the previous day, Xinhua reported.

McGinias, chairman of the Federal Budget Accountability Committee, an independent research institute, said in a statement that the size of the US federal government debt reached $34 trillion at the end of 2023, and exceeded $33 trillion three months before that, and $32 trillion three months before that. "This lending has been relentless, reckless and unrestrained."

According to the Peter Peterson Foundation in the United States, these huge debts are spread out among the American people, the equivalent of nearly $104,000 per person. The foundation argues that the growing federal government debt is technically caused by an aging population, rising health care costs and a lack of tax revenue.

The Peter Peterson Foundation has warned that the United States is on an unsustainable fiscal trajectory and that, if not addressed, the structural mismatch between federal government spending and revenue, as well as rising interest rates and borrowing costs, will pose challenges to the federal budget, the U.S. economy and future growth.

While alarm bells are ringing again about America's runaway debt, neither party has much incentive to cut spending and rein it in right now. Some media have noted that the debt issue has barely been mentioned in the current US election campaign.

McGinias warned that debt is one of the great dangers facing the United States and that it should be taken seriously and acted on quickly.