U.S. gross national debt eclipsed $31 trillion for the first time

U.S. gross national debt eclipsed $31 trillion for the first time, a milestone that comes as the Federal Reserve ratchets up interest rates to thwart persistently high inflation, which in turn makes borrowing more expensive for the government. With a cap on total borrowing set just below $31.4 trillion, Congress must pass legislation to raise it by early 2023 to avoid a government default.