The US national debt hits a new all-time high of $34 trillion

• The US national debt just hit a new all-time high of $34 trillion.
• Lawmakers had raised the government's borrowing limit last June to skirt a national default. 
• Government forecasters in 2020 had projected the US to reach this level of debt in 2029. 

The US government has pushed its total debt to a fresh record high of $34 trillion, according to the Treasury Department. 

The data show that the total public debt outstanding climbed to $34.001 trillion on December 29. 

The record-breaking amount arrives after lawmakers and the White House agreed last June to lift the debt ceiling to skirt a national default. The deal expires in January 2025 and is likely to bring further economic and political tensions. 

Republican lawmakers largely point to the Biden Administration's spending programs for running up the deficit, while Democrats blame tax-cuts that favor large corporations. 

In January 2020, before the start of the COVID-19 pandemic, the Congressional Budget Office forecasted that total debt would reach current levels in 2029. The US accelerated its borrowing through the pandemic as the economy shut down then attempted to stage a rebound over several years. The US government enacted massive fiscal stimulus programs to keep American households afloat during the unprecedented economic upheavals of the COVID era. 

In August Fitch slashed its ratings outlook on US sovereign debt from AAA to AA+, and Moody's also lowered its outlook on the US's credit rating to negative in November, citing concerns over the country's growing mountain of debt.