National Debt Skyrockets to Highest Level Yet
As our nation stares down $34 trillion in national debt, Americans are facing the cost of Democrats’ reckless runaway spending. The national debt recently reached a record high of $34 trillion. Americans are now saddled with rising interest costs, a dire border crisis, and unbated government spending.
On Friday, December 29th the national debt hit $34 trillion. Fox Business recently released an article sounding the alarm on how the nation is starting off the new year with the highest debt levels in U.S. history.
Word on the Street Via Fox Business:
- “The national debt – which measures what the U.S. owes its creditors — hit $34 trillion as of Friday afternoon, according to new data published by the Treasury Department. By comparison, just four decades ago, the national debt hovered around $907 billion.”
- “’We are beginning a new year, but our national debt remains on the same damaging and unsustainable path,’ said Michael Peterson, CEO of the Peter G. Peterson Foundation, which advocates for fiscal sustainability.”
- “The national debt is expected to nearly double in size over the next three decades, according to the latest findings from the Congressional Budget Office. At the end of 2022, the national debt grew to about 97% of gross domestic product.”
- “[Interest] Payments are expected to triple from nearly $475 billion in fiscal year 2022 to a stunning $1.4 trillion in 2032. By 2053, the interest payments are projected to surge to $5.4 trillion.”
The Big Picture:
Our unprecedented, almost incomprehensible $34 trillion national debt has eclipsed the size of our economy. We have the highest debt-to-Gross Domestic Product (GDP) ratio since World War II. The debt is snowballing out of control.
President Biden’s $11 trillion spending spree has bankrupted the economy, and his open border policies continue to force American taxpayers to foot the bill for increased illegal immigrants living costs, effectively raising the costs of living for U.S. citizens. House Budget Committee Chairman Jodey Arrington (R-TX) won’t let the debt go unaddressed any longer.
The Bottom Line:
Without leaders who dare to reverse the curse of Washington’s spending problem, this looming debt will crush future generations of Americans. The House Budget Committee is determined to stop our debt from snowballing further out of control and restore fiscal sanity and prosperity to America.
Our deficit jeopardizes our national security and harms hardworking American families. Speaker Johnson understands the growing threat that open border policies and skyrocketing deficit have on the country. The House Budget Committee under Chairman Arrington has also continually called for the establishment of a bipartisan, bicameral debt commission to address the main drivers of our debt as well as released a budget blueprint that balances the deficit in 10 years.
Click HERE to watch the House Budget Committee Hearing “Examining the Need for a Fiscal Commission.”
Click HERE to read our Reverse the Curse budget blueprint.
