On Friday, June 16, the US national debt for the first time in history exceeded 32 trillion dollars, according to data released on Friday by the Treasury Department.

This debt milestone was reached two weeks after US President Joe Biden signed into law a bill to suspend the borrowing limit until the end of 2024.

Even though the White House and Speaker Kevin McCarthy's negotiators have agreed to cut spending to $1.5 trillion over the next 10 years, US gross public debt is predicted to pass $50 trillion by 2033.

“We were fortunate to avoid a default under the debt ceiling, but the broader problem is that we keep ignoring the growing debt itself,” Peter G. Peterson Foundation CEO Michael Peterson said on Friday.