The total amount of debt on America’s balance sheet is skyrocketing.
New numbers from the government’s FiscalData platform show that on July 13th, the country’s total public debt hit $32.542 trillion.
That’s $210 billion higher than just two weeks prior, and a staggering $2.03 trillion higher than one year ago.
The new data comes as a bipartisan group of US lawmakers reveal they’re forming a political alliance called the Bipartisan Fiscal Forum (BFF) to focus on the future of US debt.
Representatives Scott Peters (D-CA) and Bill Huizenga (R-MI), along with eight colleagues, say their mission is to bring attention to America’s mounting debt and focus on creating legislation that improves the country’s financial outlook.
“The federal government is projected to borrow nearly $20 trillion over the coming decade, with associated interest costs inhibiting our ability to prepare for and address 21st-century challenges. Net interest payments on this debt will total more than $10 trillion over this timeframe, more than we will spend on Medicaid or defense…
Our nation faces debt levels and interest costs that threaten our economy, and we must act as soon as possible, and we must do so collaboratively.”
BFF was informally created back in 2020 and has since engaged in bipartisan efforts to promote plans that address growing debt and exploding interest costs.
In total, more than 70 current members of Congress have participated in BFF activities.
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