America’s national debt is now over $36 trillion. That’s more than $106,000 for every person in America. Every year, the hole we are digging gets deeper and deeper, and the cost for paying down our debt grows bigger and bigger. We are standing up to tell Congress it’s time to act before our country is bankrupt.
- In 2024 we spent $6.8 trillion and brought in nearly $5 trillion in revenues – a deficit of about $1.8 trillion that gets added to our growing national debt.
- As we keep piling on, our national debt reached $36 trillion and is now greater than the size of the US economy or “gross domestic product.”
- In 2024, we spent $882 billion in interest payments on our debt alone – more than we spend on national defense. That crowds out investment in other important areas of our economy.
- The longer we take to tackle our debt, the more difficult it becomes.
For more than 20 years, federal spending has been greater than federal revenues. This gap between dollars we spend and dollars the US takes in, the deficit, is borrowed and added to our national debt. In 2024, the US spent $1.8 trillion more than it took in. Deficits are projected to continue to grow adding more unsustainable debt.
America’s national debt is now over $36 trillion. That’s more than $106,000 for every person in America. The total federal debt is now larger than the output of our economy. This level of debt is unsustainable and can contribute to inflation.
Interest payments on national debt have surged and are projected to grow even more over the next decade. In 2024 we spent over $880 billion on interest for the national debt – that’s more than the US spent on national defense for the year. Interest costs are projected to continue increasing over the next ten years.
