For Immediate Release

November 25, 2024
Contact: Garrett Wilbanks, (202) 313-1058

WASHINGTON, D.C. — Today, Joint Economic Committee Vice Chairman David Schweikert released the following statement after the total public debt of the United States eclipsed $36 trillion for the first time.

“The blatant disregard for fiscal responsibility is astounding – not only are we now $36 trillion in debt, but it only took 118 days [since July 26, 2024] to add the last trillion. The next trillion will come all too soon,” said Vice Chairman Schwikert.

“The debt and deficits of this year are absurd; we started [Fiscal Year 2025] off running a $257 billion deficit and are on track for $2 trillion. I beg of people to learn the math. Even with strong economic growth, the reality is that last year [total public] debt outpaced our economy by $915 billion.”

“The solution isn’t spending more and more and more money,” said Vice Chairman Schweikert, “because we don’t have it. Every dollar Congress spends on discretionary programs is borrowed money. We’ve reached a point where interest on the debt is the second-largest expense in the federal budget. This trajectory isn’t only unsustainable – it’s immoral.”

“Every dollar add to this debt represents a growing threat to our economy and to the prosperity of our children. No longer is this just a fiscal issue, but a moral issue. The next generation deserves a fighting chance.” said Vice Chairman Schweikert.

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The U.S. total public debt exceeded $36 trillion on Thursday, November 21st, 2024.

According to Vice Chairman Schweikert’s Daily Debt Monitor, the federal government has borrowed $2.248 trillion over the past year (366 days), which amounts to an increase of more than $6 billion each day or over $71 thousand every single second.