National debt reaches new record, climbing above $34 trillion

(CNN)– The national debt has hit a new record with more than $34 trillion.

It’s due to a number of factors including higher borrowing costs due to interest rates and lower tax receipts.

The actual impact of high debt is debatable.

Some experts believe it’s a threat to the country’s fiscal health while others believe it is okay so long as the economy remains strong.

Either way, expect it to become a political football.

President Biden blames GOP tax cuts on the deficit and republicans say it’s because he’s spent too much money.

The benchmark also comes as federal spending laws are set to expire in the next few weeks.

If congress fails to pass extensions the government could shut down.