WASHINGTON, DC – Today, the Joint Economic Committee released the following statement by Chairman Schweikert on the nation’s rising debt.

 “We continue to hit new record highs for our national debt, exacerbating an already economic threat our nation faces,” said Rep. David Schweikert, Chairman of the Joint Economic Committee. “In this fiscal year alone, we have added more than $1 trillion, bringing the total to $38.647 trillion. As we continue down this path of spending borrowed money, interest payments are on track to become one of the largest drivers of federal spending, and eventually, the largest line item in the budget. When we borrow to pay our interest, and borrow to fund our government, we are compounding the problem at an accelerated rate. Interest payments are currently the fourth-largest line item in the federal budget, already notching $346 billion, or 14 percent of outlays, in the first four months of this fiscal year. When adding interest paid back to the Trust Funds, interest payments become the second largest expense. This is not just unsustainable; it is truly immoral. Every dollar diverted to interest is a dollar not invested in growth, opportunity, or the next generation. We are threatening the economic future of our children and grandchildren, and it is time my colleagues wake up, look at the math, confront the hard facts, and prioritize fiscal responsibility.”

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