US national debt reaches all-time high exceeding $30 trillion for first time

The US gross national debt exceeded $30 trillion for the first time on Tuesday, according to new figures from the Treasury, Report informs, citing foreign media.

The nation arrived at the number far earlier than projected due to the pandemic, which amped up federal spending into the trillions, the New York Times writes. The new record comes as the US struggles to deal with worsening inflation.

While many economists have said the increase in spending was necessary, it's one reason President Biden's social spending package has stalled in Congress. Sen. Joe Manchin (D-W.Va.) cited "staggering debt" in a statement opposing the legislation in December.

The national debt was already increasing prior to the pandemic. The US budget deficit jumped 26% to nearly $1 trillion in late 2019, increasing for the fourth year in a row.