$31 trillion is the debt limit set by congress. Today the debt is at $30.93 trillion. As you can see in this U.S. treasury graph the growth has increased at a horrifying rate. That debt is bonds sold by the government. That debt exists because the government spends more than is taken in through taxes. With higher interest rates any new bonds will cost more.
If this was your household would you continue borrowing or would you say NO to more spending? What would you cut out of the federal budget?
$30.93 trillion
Coast Contact 
Well, we could raise taxes on the uber rich andclarge corporations