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The total amount of debt on America’s balance sheet is skyrocketing.<\/p>\n
New numbers from the government’s FiscalData platform shows<\/a> that on July 13th, the country’s total public debt hit $32.542 trillion.<\/p>\n That’s $210 billion higher than just two weeks prior, and a staggering $2.03 trillion higher than a year ago.<\/p>\n The new data comes as a bipartisan group of US lawmakers revealed<\/a> they’re forming a political alliance called the Bipartisan Fiscal Forum (BFF) to focus on US debt.<\/p>\n Representatives Scott Peters (D-CA) and Bill Huizenga (R-MI), along with eight colleagues, say their mission is centered on “sounding the alarm about our nation’s unsustainable debt trajectory and working together to get control of our fiscal future.”<\/p>\n \u201cThe 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\u2026<\/em><\/p>\n 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.”<\/em><\/p>\n 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.<\/p>\n In total, more than 70 current members of Congress have participated in BFF activities.<\/p>\n Don’t Miss a Beat SUBSCRIBE<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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