From 2020 to 2024, a span of just four years, the federal government added $11 trillion to the national debt as a result of a massive spending spree. It took the government 220 years, from George Washington to Barack Obama, to initially reach $11 trillion in debt.
Historical data also from Treasury.
Updated April 16, 2024
Source: Treasury Department
Since President Biden took office, he has overseen a deficit increase that is expected to reach $7.15 trillion through 2031.
Updated June 27, 2024
Source: Congressional Budget Office
While the current national debt of $33.6 trillion is deeply concerning, Americans should be equally worried about the gap between future tax revenues and promised benefits for Social Security and Medicare, which exceeds $75 trillion.
Additional Sources: Treasury Department, Centers for Medicare & Medicaid Services.
Updated October 24, 2023
Source: Social Security Administration
Interest payments for the national debt are a two-fold problem. First, today’s interest rates are far below historical averages, and expected increases will cost hundreds of billions of dollars per year. Second, chronic high deficits are causing debt to grow faster than the economy. The combined effect will eventually cause interest payments to consume 6.5% of the economy per year. Elected officials have a responsibility to end deficit spending and avoid the mounting fiscal crisis.
Updated February 8, 2024
Source: Congressional Budget Office
Without budget cuts and reforms, the government will continue to produce large deficits. The deficit is projected to surpass one trillion dollars every year from now on unless Congress changes course.
Updated June 27, 2024
Source: Congressional Budget Office
The debt ceiling or debt limit is supposed to ensure that Congress is confronted with the consequences of out-of-control spending and borrowing in Washington. Like an alarm clock, the debt ceiling can offer a fiscal check on the government’s finances and encourages congressional deliberation of policies to control spending and debt. However, in recent years Congress has repeatedly suspended the debt ceiling, allowing the debt to rise unchecked. Congress must not suspend the debt ceiling again. Congress should enact fiscal controls to put the budget on a path to balance before raising the debt ceiling further.
Updated March 28, 2024
Source: OMB
Excessive government spending, especially on autopilot (mandatory) programs, will continue to increase budget deficits if left unchecked. By 2054, the federal budget deficit is projected to be 9.1 percent of GDP. That is over three times the 50-year average, and would represent one-ninth of the economy. Lawmakers must cut spending and pursue structural budget reforms to control these deficits.
Updated February 8, 2024
Source: Congressional Budget Office
Due to unchecked federal spending, publicly held federal debt is at its highest level since World War II.
Updated February 8, 2024
Source: Congressional Budget Office
If a median-income American family spent money like the U.S. government, it would have spent all of its earnings, and then put over $28,000 on the credit card in 2023 even though it was already $573,000 in debt.
Additional Sources: U.S. Census Bureau Treasury Direct
Updated February 8, 2024
Source: Congressional Budget Office
Out-of-control spending in Washington is burdening each American with large and growing levels of public debt. A child born in 2023 will have a $82,590 share of publicly held federal debt upon becoming an adult.
Additional Sources: U.S. Census Bureau
Updated March 28, 2024
Source: Congressional Budget Office
