US hits $38 trillion in gross national debt

The U.S. government's gross national debt has surpassed $38 trillion during the federal shutdown, marking a record high. This rapid debt accumulation is the fastest outside of the COVID-19 pandemic, with the debt having reached $37 trillion in August. The Treasury Department's latest report, issued Wednesday, highlights these figures. Experts warn that rising debt can lead to higher inflation, eroding purchasing power and increasing borrowing costs.