Peterson Foundation on National Debt Surpassing $21T

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.”
Further Reading
The Federal Government Has Borrowed Trillions. Who Owns All that Debt?
Most federal debt is owed to domestic holders, but foreign ownership is much higher now than it was about 50 years ago.
With $38 Trillion in Debt, Is the U.S. Headed for More Credit Downgrades?
Three successive downgrades of the U.S. credit rating should alarm elected leaders, but our national debt remains on an unsustainable trajectory.
The United States Is Adding to the National Debt Faster Than Ever
The nation’s debt is growing at a historic rate and eclipsing all-time highs.