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of the United States hit $35 trillion on Monday, a milestone that comes as lawmakers grapple with how best to curb the country’sRepublicans and some centrist Democrats have sounded the alarm about the growing debt and deficits, with the debt first crossing the $1 trillion mark in 1981. House Budget Committee Chairman Jodey Arrington released a statement on Monday.
The Congressional Budget Office recently examined the federal debt, which is set to grow much more over the next decade. Debt held by the public, which is separate from the national debt in that it excludes intragovernmental holdings of federal debt, is predicted to rise from 99% of gross domestic product this year to 122% of GDP by 2034. in 2036, and the combined Social Security trust fund will become exhausted in 2035, the programs’ trustees projected in May.
In January, the House Budget Committee voted to advance bipartisan legislation that would form a panel consisting of both Republican and Democratic lawmakers from both chambers of Congress, in addition to outside experts. The committee would work to produce a report and propose legislation that would stabilize the ratio of public debt to GDP to at or below 100% within 10 years.
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