- United States
- Pa.
- Letter
The federal debt just hit $40 trillion, and it's time to stop pretending this is someone else's problem to solve. The debt rose $1 trillion in just the past five months. On our current path, we'll be at $50 trillion in six years. That is not a slow-moving crisis — it's a fast one, and Congress needs to act now to bring spending in line with revenue.
The consequences are already landing on ordinary people. Interest payments on the debt are expected to top $1 trillion this fiscal year — more than we spend on national defense, and 50% more than on children's programs. Rising Treasury yields are pushing up mortgage rates, auto loans, and business borrowing costs. As Maya MacGuineas of the Committee for a Responsible Federal Budget put it, "$40 trillion of debt doesn't exist solely on the government's ledgers; it is felt throughout the economy and finds its way to the pocketbooks of people one way or another."
Congress raised the debt ceiling by $5 trillion last year through the One Big Beautiful Bill Act and has shown little appetite for fiscal discipline since. That has to change. I want to see a concrete plan — real spending cuts, real revenue measures, a real path to a balanced budget — not another round of kicking the can down the road.