The US National Debt skyrockets to a staggering $35 trillion – One America News Network

July 30, 2024 TruthUSA

WASHINGTON, DC - SEPTEMBER 12: President of the committee for a Responsible Federal Budget Maya MacGuineas (L), co-chair of the National Commission on Fiscal Responsibility and Reform, and former Sen. Alan Simpson (R-WY) (R) speak to the media during a news conference at the National Press Club September 12, 2011 in Washington, DC. MacGuineas and Simpson call on the Joint Select Committee on Deficit Reduction, also known as the Super Committee, to"go big and develop a large-scale debt reduction package sufficient to stabilize the debt as a share of the economy" as the committee work to reach a deficit reduction agreement. (Photo by Alex Wong/Getty Images) — President of the committee for a Responsible Federal Budget Maya MacGuineas (L), co-chair of the National Commission on Fiscal Responsibility and Reform (Photo by Alex Wong/Getty Images)

OAN Staff Blake Wolf
10:23 AM – Tuesday, July 30, 2024

The United States national debt has now reached an insurmountable $35 trillion dollars, according to the House Budget Committee.

The newfound milestone follows the $34 trillion dollar debt reached in early January 2024. The federal debt per citizen has now approximately reached a whopping $104,000.

House Budget Committee Chairman Jodey Arrington (R-Texas) chimed in with a Monday statement.

“Today, we grieve yet another dubious milestone in the fiscal decline of the most powerful and prosperous nation in history,” Arrington stated. “President [Ronald] Reagan’s words 34 trillion dollars ago still hold true today; ‘We don’t have a trillion-dollar debt because we haven’t taxed enough; we have a trillion-dollar debt because we spend too much.’”

BREAKING: Total US Federal debt has officially hit $35 trillion for the first time in history.

Since 2020, the US has now added ~$12 TRILLION in Federal debt.

In other words, the US has added an average of ~$280 BILLION of Federal debt EVERY MONTH since January 2020.

This… pic.twitter.com/YRQjNkQopc

— The Kobeissi Letter (@KobeissiLetter) July 29, 2024

The president of the nonpartisan Committee for a Responsible Federal Budget (CRFB), Maya MacGuineas, also had a statement on the rapidly rising debt figure.

“Just last month the Congressional Budget Office warned Americans that debt held by the public is on its way to a new record share of the economy in three years. The deficit will be nearly $2 trillion this year and nearly $3 trillion in ten years,” she said. “Yet despite all the risks and warning signs, these alarm bells seem to be falling on deaf ears. The bipartisan, deficit-reducing Fiscal Responsibility Act of last year was an excellent start to reducing our deficit; what we need is serious talk about how to build on that first step. Instead we are hearing an awful lot about spending and tax cuts that would make the situation worse, not better.”

A CRFB report tracking the amount of national debt through partisan and bipartisan measures put former President Donald Trump at over $8 trillion dollars in spending, and the Biden administration hovering over $4 trillion dollars in national debt.

The ballooning figure continues to grow with no real foundational solutions being proposed.

“What this analysis demonstrates is that both President Trump and President Biden have added substantially to America’s borrowing over a ten-year window, through legislation and executive actions they’ve approved in their first presidential terms,” MacGuineas concluded.

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