The gross national debt reached $32 trillion for first time in U.S. history on Friday.
The Congressional Budget Office estimates that the nation’s deficit for fiscal year 2023 will be $1.4 trillion, driving the national debt even higher.
According to the latest U.S. Treasury data, the national debt is currently $32.03 trillion.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said that the “only thing more disheartening” than the $32 trillion national debt is the “fact we reached $31 trillion last October.”
“We can’t even get through a single fiscal year anymore without adding a trillion dollars in debt, and $33 trillion is likely just around the corner. Our debt addiction saddles the next generation with a debt burden that only grows larger so long as we insist on ducking the hard choices of governing,” she said. “We need a return to responsible fiscal policy if we’re ever going to get ourselves out of this mess.”
She argued that the formula for fiscal responsibility should be simple.
“No new borrowing – meaning fully offset all new spending or tax cuts – and better yet, hold off on them until our debt is under control; address the drivers of our runaway debt; and reform our broken budget process,” she said. “It’s not rocket science – it’s pretty darn straightforward, and it’s time for our politicians to get to work before it’s too late.”