Why has America's debt climbed north of $31 trillion?

CNN’s Zachary B. Wolf contributed to this report. America’s national debt has climbed north of $31 trillion for the first time, a milestone that comes at a time of historically high inflation, rising interest rates and growing economic uncertainty.

How did America get a $25 trillion debt?

In just two decades, America has added $25 trillion in debt. How it got itself into this fiscal position has its roots in a political miscalculation at the end of the Cold War. President Lyndon B. Johnson signing Medicare into law in 1965.

Why does Biden have a $31 trillion debt threshold?

That is because the economy is expected to grow faster than the debt. The $31 trillion threshold also poses a political problem for President Biden, who has pledged to put the United States on a more sustainable fiscal path and reduce federal budget deficits by $1 trillion over a decade.