The total US national debt reached $34 trillion for the first time. Expert: The outlook is quite grim. The Congressional Budget Office's January 2020 projections indicated that the federal debt would exceed $1 trillion in fiscal year 2029. But with the pandemic shutting down much of the U.S. economy, debt is growing faster than expected.. We are adding $2 trillion in debt every year while unemployment is near historic lows. ”Marc Goldwein, senior vice president of the Council for Responsible Federal Budgets, a Washington-based think tank.