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 $38.019 trillion. 

“U.S. national debt reached a new record high of $38.019 trillion. It took only 71 days to add an additional $1 trillion to our national debt, with $382.260 billion added this fiscal year, during the government shutdown,” said JEC Chairman David Schweikert. “Our current level of deficit spending is unsustainable. We are rapidly approaching the point where interest payments on the national debt will consume the majority of federal spending. Even today, interest is already the fourth-largest line item in the federal budget. This trajectory poses a serious threat to our economy and jeopardizes the financial future of our children and grandchildren. I urge my colleagues to confront the hard facts, look at the math, and prioritize fiscal responsibility to reduce our national debt before it’s too late."

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For more information on our current debt situation, please see Chairman Schweikert’s Daily Debt Monitor and the Monthly Debt Update.