National Debt Hits New Record at $40.047 Trillion, JEC Chairman Calls Inaction ‘Immoral’
WASHINGTON, DC – Today, Joint Economic Committee Chairman David Schweikert released the following statement after the total public debt of the United States reached a new record high of $40.047 trillion. In this fiscal year alone, we have added more than $2.4 trillion to our national debt and interest payments on that debt are the fourth-largest line item in the federal budget.
Rep. David Schweikert, Chairman of the Joint Economic Committee said: “Our nation faces a dangerous fiscal trajectory that threatens the promise of a better tomorrow for future generations, as well as current retirees. We are rapidly approaching the point where interest payments on the national debt will consume most of the federal spending. Our debt is quickly switching from sustainable, business as-usual, to an unsustainable, market-unraveling nightmare. At this rate, it won’t be long before we face catastrophic consequences. Congress must take the math seriously and act now by charting a new economically responsible path to secure our nation’s future for generations to come. To do nothing or keep on this path is flat out immoral.”
Please see our Daily Debt Monitor for more information on the growing national debt.
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