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Chairpersons

National Debt Surpasses $38 Trillion: House Budget Committee Chairman Sounded the Alarm

Strategic Insights

— 1 min read

House Budget Committee Chairman Rep. Jodey Arrington (R-Texas) sounded the alarm as the United States' national debt crossed the $38 trillion mark, a historic and deeply troubling milestone that threatens America's leadership in the world and its children's future. This marks a significant increase from the $1 trillion milestone in 1982, with the debt doubling nearly every 8 years since 2008. The Congressional Budget Office projects that the gross debt will surpass $40 trillion in 2027, just five years after reaching the $30 trillion mark.

Key Takeaways:

  • The U.S. national debt has reached $38 trillion, a record high that is twice the entire economic output of the European Union and more than 20 times Great Britain's annual budget.
  • The national debt is projected to surpass $40 trillion in 2027, according to the Congressional Budget Office.
  • Federal outlays have increased nearly 60 percent since 2019, leading to a worsening trajectory of unsustainable fiscal policy.
  • Net interest spending has increased 158 percent since 2019, consuming nearly a fifth of all revenues.
  • The House Budget Committee passed historic reforms to reduce mandatory spending in health care and welfare, but more reforms are needed to prevent the nation from going over a fiscal cliff.
  • The House Budget Committee continues to push for further meaningful reforms to restore fiscal responsibility and rein in runaway spending.

Statistics:

  • $38 trillion: The current U.S. national debt mark.
  • $40 trillion: The projected national debt in 2027, according to the Congressional Budget Office.
  • 60%: The increase in federal outlays since 2019.
  • 158%: The increase in net interest spending since 2019.
  • 20%: The percentage of all revenues consumed by net interest spending.
  • $500,000: The estimated burden on each young American under 18 due to the national debt.

Sources:

  • "Chairman Arrington Sounds Alarm as National Debt Surpasses $38 Trillion." House Budget Committee, Oct 24.
  • "National Debt: History and Growth." Congressional Budget Office (CBO).

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