The U.S. national debt has reached a new milestone, now topping $16 trillion.

Consequently, lawmakers and the next president will have to pass and sign a law raising the debt ceiling. That limit currently stands at $16.4 trillion.

The debt has skyrocketed under President Barack Obama, who's presided over four straight years of deficits over a trillion dollars.

Meanwhile, a new survey from the World Economic Forum shows America's ability to compete on the global stage is down for the fourth year.