February 01, 2022

Smith Statement on America’s National Debt Surpassing $30 Trillion

WASHINGTON, D.C. – Today, House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the United States had surpassed $30 trillion in gross national debt.

“America surpassing $30 trillion in debt is a grim milestone in our nation’s history, and demands urgent action to curb reckless deficit spending. Sadly, Washington Democrats have no interest in restoring any semblance of fiscal sanity. Under President Biden’s policies, America’s debt would reach $45 trillion by 2031 while Democrats in control of Congress have shown themselves to be both utterly unwilling and unable to curb their appetite for more deficit spending. The spending called for in the budget they adopted last year, combined with all the spending already enacted since Nancy Pelosi became Speaker, is more than the total taxes paid by all Americans in U.S. history. In 2021, Congress passed and the president signed a $2 trillion bailout bill that fueled the inflation crisis we see today – just part of the $7.5 trillion in new spending House Democrats voted for last year.

“Indeed, the inflation crisis – which has sent prices soaring to a forty-year high of 7 percent – is the direct result of Washington’s reckless spending. We must act now to bring deficit spending under control in order to combat the inflation crisis and put America on a sound fiscal path.”