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For the first time the national debt of the United States has exceeded $31 trillion, according to figures released by the U.S. Treasury Department.

The total national debt of the United States as of October 3 was $31.123 trillion, which is a record for the amount of the American national debt, according to the database of the Treasury Department website.

As The New York Times notes, the record was broken at an inopportune time when historically low interest rates are being replaced by higher interest rates on borrowing as the Federal Reserve tries to beat fast-growing inflation. As a result, these higher interest rates make it more expensive to service U.S. debt in the long run, the paper added.

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