The United States' national debt has reached another grim milestone.
According to the House Budget Committee, the national debt is set to surpass $35 trillion Rep. Jodey Arrington, R-Texas, said that equates to $104,497 per person and $266,275 per household.
"Today, we grieve yet another dubious milestone in the fiscal decline of the most powerful and prosperous nation in history," Arrington said. "President [Ronald] Reagan's words 34 trillion dollars ago still hold true today: 'We don't have a trillion-dollar debt because we haven't taxed enough; we have a trillion-dollar debt because we spend too much.'"
Last year, the national debt was $32.65 trillion, an increase of $2.35 trillion year over year, a 7% increase. This equates to:
- $196 billion in new debt per month.
- $6.4 billion in new debt per day.
- $268 million in new debt per hour.
- $4.5 million in new debt per minute.
- $74,401 in new debt per second.
Arrington also quoted former President James Madison, who said a public debt was a public curse.
"America's unsustainable national debt is our greatest 21st century challenge," Arrington said on X. "The days of easy decisions are long gone. In order to avoid a sovereign debt crisis, we need real leaders with real courage who will fight to rein-in spending, reignite growth, and restore fiscal sanity in Washington before it's too late."
White House spokesperson Jeremy M. Edwards told Newsmax in a statement: "After the last administration increased the debt by a record $8 trillion and didn't sign a single law to reduce the deficit, President [Joe] Biden has signed $1 trillion of deficit reduction into law. While Congressional Republicans want to blow up the debt again with $5 trillion in more Trump tax cuts—while making hardworking families pay the price by cutting Social Security, Medicare and the Affordable Care Act—President Biden's budget would lower the deficit by $3 trillion by making billionaires and the biggest corporations pay their fair share and cutting spending on special interests."
Sam Barron ✉
Sam Barron has almost two decades of experience covering a wide range of topics including politics, crime and business.
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