The U.S. national debt rose to a staggering $34 trillion for the first time last week, just three months after it surpassed $33 trillion, according to data published by the Treasury Department.
Along with the steady increase in America’s national debt, the federal government’s borrowing costs on the debt are expected to triple over the next decade, according to the Committee for a Responsible Budget, Fox Business reported. Debt payments could rise from the current $475 billion to $1.4 trillion by fiscal year 2032 and $5.4 trillion by 2053. For comparison, in fiscal year 2022, the U.S. spent $944 billion on Medicare, $805 billion on Medicaid, and $1.2 trillion on Social Security.
“The national debt is the greatest threat to America’s national security, and the current addiction to reckless spending cannot be sustained,” said House Speaker Mike Johnson (R-LA). “Lawmakers from both sides of the aisle have a responsibility to reduce spending and finally put America on path…