The U.S. national debt has surpassed $38 trillion, marking a new record and raising concerns among lawmakers about the country's fiscal future. House Budget Committee Chairman Jodey Arrington (R-Texas) issued a statement warning of the potential consequences of continued borrowing.
"America is now $38,000,000,000,000–yes, $38 trillion—in debt. To put it in perspective, that’s twice the entire economic output of the European Union, more than twenty times Great Britain’s annual budget, and a crushing $500,000 burden for every young American under 18," Arrington said.
He added: "The national debt is the United States’ next great war. If we lose it, we lose America’s leadership in the world and our children’s future.
"But, if we are able to muster the national courage to responsibly intervene, America will lead the 21st century. Reverse the Curse!"
Historical data shows that the U.S. reached $1 trillion in debt in 1982 and surpassed $10 trillion by 2008. The most recent milestone before this was $30 trillion in 2022. Projections from the Congressional Budget Office estimate that gross federal debt could exceed $40 trillion by 2027.
Federal spending has risen significantly since 2019—by nearly 60 percent—and net interest payments on existing debt have increased by 158 percent during that period. Interest now accounts for almost one-fifth of all federal revenues.
Arrington noted recent legislative efforts to address these issues: "This year, Republicans passed into law the largest reduction in mandatory spending in U.S. history—by two-fold. H.R. 1 implemented generational reforms to reduce cradle-to-grave reliance on the federal government and responsibly slowed the growth of spending in health care and welfare." He also emphasized that further action is needed to control federal expenditures.
The House Budget Committee plans to continue advocating for policies aimed at restoring fiscal responsibility and promoting economic growth.
