Chair Jodey Arrington HOUSE BUDGET COMMITTEE
For Immediate Release
January 3, 2024
Chairman Arrington Reacts to Highest National Debt in History
WASHINGTON D.C. – Today, Chairman Jodey Arrington (R-TX) released the following statement in response to the national debt reaching $34 trillion for the first time in history:
“The fiscal health of our nation is in rapid decline and a sovereign debt crisis would completely upend America’s security, prosperity, and leadership in the world.
Washington politicians have made promises they can’t keep and created a government they can’t afford, and the consequences of their fiscal recklessness and political cowardice will be irreparable if we failed to address it.
Unfortunately, Biden’s $11 trillion record spending spree has added more to our national debt than any other time in our nation’s history, resulting in a cost-ofliving crisis, a weakening economy, and a tenuous fiscal future for the next generation of Americans.
This shocking $34 trillion in debt should serve as a wakeup for America. Interest payments on the debt are expected to triple from nearly $475 billion in fiscal year 2022 to a stunning $1.4 trillion by 2032. By 2053, unless we change course, the interest payments are projected to surge to $5.4 trillion—nearly twice the amount we spend on national defense today.
As House Budget Committee Chairman, I will continue to fight to rein-in spending, restore a culture of fiscal responsibility, and reverse the curse of a debt crisis that looms large over our children’s future.”