U.S. government data revealed that the federal debt has exceeded $37 trillion for the first time in U.S. history, as the current administration seeks to reduce government spending and secure additional revenue through tariffs.

On Tuesday evening, Fox News reported that "the U.S. Treasury Department released data showing the national debt surpassed $37 trillion, as federal government debt continues to accumulate at a record pace."

The network added that "the national debt represents the total borrowing owed by the U.S. federal government, accumulated over the nation’s history."

Congress had set the debt ceiling at $31.4 trillion in 2021, but the debt reached this limit by January 2023, prompting the adoption of a special law to suspend the debt ceiling until January 2025.

Debates continue in the U.S. over whether to permanently abolish the debt ceiling—a move supported by prominent figures from both parties, including former President Trump, several congressional members, and Treasury Secretary (and former Federal Reserve Chair) Janet Yellen, who served in the Democratic administrations of Joe Biden and Barack Obama.

Some experts warn that the U.S. could face a default by August if Republicans and Democrats fail to agree on either raising or eliminating the debt ceiling.

The federal debt consists of various types of obligations, including marketable and non-marketable securities, held either by the public or by the government itself (known as intragovernmental debt).

The national debt enables the federal government to fund critical programs and services for the American public.