The United States has crossed a troubling financial threshold, with the national debt climbing past $37 trillion for the first time ever on Friday, as the federal government continues to borrow at an unprecedented rate.
Fresh figures released by the Treasury Department revealed that, as of Tuesday afternoon, the gross national debt had reached $37,004,817,625,842.56.
This marks a rapid escalation — the $37 trillion mark comes less than eight months after the country first surpassed $36 trillion in late November 2024, and just over a year since passing the $35 trillion milestone in late July 2024.
The record-setting debt total coincides with economists’ warnings that the debt held by the public — which excludes intragovernmental holdings such as the Social Security trust funds — is set to equal 99% of the nation’s gross domestic product (GDP) by year’s end.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, told Fox Business, “Reaching this milestone is a moment no one in Washington can be proud of – our fiscal situation is woefully unbalanced, yet Congress keeps on making the situation worse. Even when measuring debt as a share of the economy, we’re headed toward record levels and on course to spend $1 trillion just on interest costs. We will need to act quickly to face the reality of our unsustainable debt, before a fiscal emergency forces our hand.”
Michael A. Peterson, CEO of the Peter G. Robinson Foundation, also weighed in, telling Fox Business, “The national debt soaring past $37 trillion sends yet another clear message about America’s unsustainable fiscal path. Our national debt is now greater than the economies of the entire Eurozone and China, combined.”
Peterson added, “Despite today’s unfortunate milestone, it’s not too late to act. We should reform our budget before the damage is made even worse. Policymakers have many well-known options to stabilize our debt and put us on a stronger path for the next generation.”
{Matzav.com}
