Chairman Arrington Sounds Alarm as U.S. Debt Surpasses $37 Trillion
Washington, D.C. - This week, the U.S. national debt soared past a record $37 trillion, years ahead of 2020 projections from the Congressional Budget Office that found that gross federal debt would not exceed $37 trillion until after 2030. Budget Chairman Jodey Arrington (R-Texas) released the following statement:
“This week’s news that the United States’ national debt has surpassed $37 trillion is a stark reminder of our dire fiscal straits.
When my son was born in 2011, the national debt was $15 trillion. Now, 14 years later, it exceeds the GDP of the other five largest economies combined.
Today, we spend nearly $1 trillion a year just to pay the interest on our debt—more than we spend on our entire national defense or Medicare benefits for our seniors.
This is the predictable and perilous result of decades of fiscal mismanagement in Washington. If we do nothing, the CBO projects our debt will soar to $150 trillion by 2055.
Republicans took a generational step in the One Big Beautiful Bill to rein in mandatory spending and unleash economic growth. We are proposing further spending reductions through rescissions and appropriations, and President Trump’s reciprocal trade policy has resulted in record tariff revenue.
If we continue in vigilance to get our fiscal house in order, we will avoid a potentially irreparable debt crisis, and America will remain the global leader for the remainder of the 21st century.”
Background
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This chart from the House Budget Committee shows U.S. gross federal debt surging from $1 trillion in 1982 to $37 trillion today, with projections reaching $59 trillion in ten years and $150 trillion by 2055.
More from the Budget Committee
Watch Chairman Arrington outline the steps needed to rein in runaway spending here.
