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 $37 trillion. 

“U.S. national debt has reached a new record high of $37 trillion, earlier than projected. It took only eight months and 20 days to add a trillion dollars in debt and sadly, over the past year, our national debt increased by $1.88 trillion,” said JEC Chairman David Schweikert. “This deficit spending is not sustainable, and we are quickly approaching the date where paying interest on our debt will be the bulk of our spending. Today, it is already the second-largest expense in the federal budget. This is not sustainable, it represents a threat to our economy and is detrimental to the economic futures of our children and grandchildren. I urge my colleagues to join me in focusing on the math and making adjustments to address this crisis and bring down our national debt.”

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According to Chairman Schweikert’s Daily Debt Monitor, the U.S. national debt exceeded $37 trillion on August 11, 2015.