The federal government’s total debt now tops $35 trillion, the Treasury Department reported Monday, marking the latest grim milestone in a deteriorating budget picture.
Uncle Sam is now on the hook for $35,001,278,179,208. Of that, $27.8 trillion is debt held by the public, which is the core measure of the country’s indebtedness.
The House Budget Committee said total debt increased more than $2 trillion over the last year and the Peter G. Peterson Foundation, a watchdog, said it will grow another $1 trillion between now and Election Day.
The debt now works out to more than $100,000 per American.
The number ignited a new round of blame.
The White House said the answer is “making billionaires and the biggest corporations pay their fair share and cutting spending on special interests.”
Republicans countered that tax increases aren’t the answer.
“We don’t have a $35 trillion-dollar debt because we haven’t taxed enough; we have a trillion-dollar debt because we spend too much,” said Rep. Jodey Arrington, the committee’s chairman.
Total federal debt stood at $27.8 trillion when President Biden took office. It was $19.9 trillion when President Trump started.
Both men saw their debt numbers soar as they signed massive pandemic relief packages.
But the current White House argued that outside of the pandemic, much of the debt that’s happened on Mr. Biden’s watch was set in place by Mr. Trump.
Sen. Joe Manchin III of West Virginia, a recent switch from Democrat to independent, told both sides to get a grip. He pointed out that the government will soon spend more on interest payments on the debt than on national defense.
“Our debt is the absolute greatest threat America faces today and yet, both political parties continue to choose inaction over pursuing commonsense solutions to restoring fiscal discipline,” he said.
• Stephen Dinan can be reached at sdinan@washingtontimes.com.
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