Peterson Foundation on National Debt Surpassing $21T: Staggering Number that should be a Wakeup Call

NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today on our nation surpassing the $21 trillion mark in outstanding debt, as noted in the Daily Treasury Statement released this afternoon.

“Our national debt reached a staggering $21 trillion today, having grown by $1 trillion in just the past six months. Worse yet, this unfortunate milestone has only just begun to include the effects of the recent fiscally irresponsible tax and spending legislation, which added more debt on top of an already unsustainable trajectory.

“Our mounting debt threatens economic growth, reduces our flexibility to deal with future crises, and diminishes America’s role in the world. During a time of low unemployment and economic expansion, we should be bringing our debt under control, not adding to the burden on the next generation.

“This should be the latest wake-up call for policymakers to act, and the good news is that there are many solutions from across the spectrum to cure America’s dangerous fiscal outlook.”