The U.S. national debt surpassed another historic milestone as it topped $38 trillion for the first time this week, as the federal government continues to rack up debt at a record-setting pace.

New data from the Treasury Department released on Wednesday showed that the gross national debt reached $38,019,813,354,700.26 as of Oct. 21.

The $38 trillion milestone comes a little over two months after the U.S. national debt reached $37 trillion for the first time in mid-August, and less than a year after the $36 trillion threshold was breached last December.

America's debt has grown rapidly over the last decade as the population ages and enrollment in Social Security and Medicare rises. Another key driver of the surging debt is interest expenses incurred from servicing the federal

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