By Elizabeth Troutman |
Rep. David Schweikert, R-Ariz., urged Congress to “take our nation’s fiscal health seriously” in response to the growing national debt.
Schweikert’s Daily Debt Monitor shows the federal government’s gross national debt increasing by $839 billion already this fiscal year, which began in October.
“That’s ~$8.65 billion per day, and just over $100,000 per second,” Schweikert tweeted.
“I implore my brothers and sisters in Congress to take our nation’s fiscal health seriously,” the congressman continued.
The national debt has increased by more than $360 million per hour, $6 million per minute, and $100,00 per second this fiscal year.
The total national debt as of Jan. 4 was more than $34 trillion, compared to around $31 trillion on Jan. 4, 2023. This includes both intragovernmental and publicly held debt. Between 2023 and 2024, there was an increase in debt of more than $7 billion per day and $300 million per hour.
The national debt hit the $34 trillion record this month. The Congressional Budget Office’s January 2020 projections didn’t expect gross federal debt to surpass $34 trillion until fiscal year 2029.
The Congressional Budget Office expects the debt to only get worse in coming years. An estimate shows America’s entitlement spending, mandatory spending, and net interest payments on the debt will exceed the government’s total revenue by the early 2030s.
In June, Republican lawmakers and the White House agreed to temporarily lift the nation’s debt limit, making an agreement that lasts until January 2025.
The Congressional Budget Office estimated in its 30-year outlook last June that publicly held debt will be equal to a record 181% of American economic activity by 2053.
Elizabeth Troutman is a reporter for AZ Free News. You can send her news tips using this link.
