U.S. National Debt Tops $35 Trillion

“America’s gross national debt topped $35 trillion for the first time on Monday, a reminder of the nation’s grim fiscal predicament as legislative fights over taxes and spending initiatives loom in Washington,” the New York Times reports.

“The Treasury Department noted the milestone in its daily report detailing the nation’s balance sheet. The red ink is mounting in the United States more quickly than many economists had predicted as the costs of federal programs enacted in recent years have exceeded initial projections.”