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... In the midst of a federal government shutdown, the U.S. government's gross national debt surpassed $38 trillion Wednesday, a record number that highlights the accelerating accumulation of debt on America's balance sheet.

It's also the fastest accumulation of a trillion dollars in debt outside of the COVID-19 pandemic -- the U.S. hit $37 trillion in gross national debt in August this year.

The $38 trillion update is found in the latest Treasury Department report, which logs the nation's daily finances.

Kent Smetters of the University of Pennsylvania's Penn Wharton Budget Model, who served in President George W. Bush's Treasury Department, told The Associated Press that a growing debt load over time leads ultimately to higher inflation, eroding Americans' purchasing power.

The Government Accountability Office outlines some of the impacts of rising government debt on Americans " including higher borrowing costs for things like mortgages and cars, lower wages from businesses having less money available to invest, and more expensive goods and services. ...