Ever wonder how the national debt impacts your wallet and the country's future? You might be surprised to learn that a significant portion of this debt is actually money the government owes to itself.
The U.S. national debt recently topped $34.7 trillion, a staggering figure that represents all the money the federal government has borrowed over time and not yet repaid.
This debt accumulates when the government spends more than it collects in taxes, issuing Treasury bills, notes, and bonds to cover the difference.