According to the US Treasury Department, the United States national debt for the first time exceeded $33 trillion. This indicates a record high level of US government debt. Previously, in June 2022, the debt exceeded $32 trillion.

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Earlier in January, the United States already exceeded its national debt ceiling, which was legally set at $31.4 trillion. Subsequently, the US Treasury Department had to implement emergency measures to continue its financial operations. In recent months The US administration called on Congress to increase the national debt limit. While the Republican-controlled House agreed to raise the debt ceiling, they insisted on deep budget cuts as a condition.

June 3 President of the United States Joe Biden signed a bill previously approved by Congress to increase the national debt ceiling. The new limit will be in effect until January 2, 2025. The move was seen as a preventive measure to avert an economic crisis and potential collapse of the United States. The agreement also sets out budget allocations for various sectors, including $886 billion for defense, $121 billion for veterans health care and $637 billion for other non-defense programs in fiscal year 2024.