U.S. National Debt Exceeds $35 Trillion, Sparking GOP Concerns

For the first time in U.S. history, the national debt has surpassed $35 trillion, prompting urgent calls from GOP lawmakers to address government spending. This milestone underscores the severity of America's fiscal crisis and the need for immediate reform.

House Budget Committee Chairman Jodey Arrington (R-TX) released a report detailing the gravity of the situation. The report illustrates that this "gross national debt" translates to $104,497 per person, $266,275 per household, or $483,889 per child. Just a year ago, the debt was $32.65 trillion, indicating a staggering increase of $2.35 trillion over the past 12 months—equivalent to $268 million in new debt per hour.

"Today, we grieve yet another dubious milestone in the fiscal decline of the most powerful and prosperous nation in history," Arrington stated. He emphasized that "Republican leadership in 2025 is our last best hope to restore fiscal responsibility before it’s too late."

Key Points:

• Debt Increase: The national debt has grown by $2.35 trillion in just one year.

• Cost of Maintenance: As of June 2024, maintaining the national debt cost $868 billion, representing 17% of total federal spending for the fiscal year.

• Future Projections: Rep. Scott Perry (R-PA) warned that the national debt could reach $36 trillion by mid-November, shortly after the presidential election.

The House Budget Committee's fiscal 2025 budget resolution offers a roadmap toward fiscal responsibility, economic freedom, and renewed prosperity in America. The Treasury Department’s tracker page showed the national debt at $35,001,278,179,208 shortly after 5 p.m. ET on Monday, underscoring the urgency of the situation.

Rep. Scott Perry criticized the Biden-Harris administration's push for increased spending, labeling it as "unacceptable" and a threat to the nation's financial stability. On social media, economist Peter Schiff highlighted that the national debt has surged by more than $7.2 trillion since President Joe Biden took office in January 2021. Schiff pointed out that it took 43 presidents 215 years to amass the first $7.2 trillion, whereas Biden achieved this in just 3.5 years. Notably, there was a "single-term record" of $7.8 trillion added to the national debt during President Donald Trump's term, primarily due to COVID relief spending. Schiff warned that Biden is on track to break this record.

Sen. Patty Murray (D-WA), chairwoman of the Senate Appropriations Committee, argued that Trump's tax cuts for billionaires significantly contributed to the national debt. She stated that "Democrats are working to make sure billionaires pay their fair share in taxes. The difference is clear."

As the national debt continues to climb, the urgency for fiscal reform becomes increasingly apparent. The GOP's call to action highlights the critical need to address government spending and implement policies that ensure America's economic stability.

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