Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today as the U.S. national debt surpassed $38 trillion. Peterson said:

“Reaching $38 trillion in debt during a government shutdown is the latest troubling sign that lawmakers are not meeting their basic fiscal duties.   

“If it seems like we are adding debt faster than ever, that’s because we are. We passed $37 trillion just two months ago, and the pace we’re on is twice as fast as the rate of growth since 2000.

“Along with increasing debt, you get higher interest costs, which are now the fastest growing part of the budget. We spent $4 trillion on interest over the last decade, but will spend $14 trillion in the next ten years.  Interest costs crowd out important public and private investments in our future, harming the economy for every American.  

“Lawmakers need to realize that the financial markets are watching. All three credit ratings agencies have dropped U.S. credit below their highest rating, citing both our unsustainable fiscal outlook and political gridlock. 

“Adding trillion after trillion to the debt and budgeting-by-crisis is no way for a great nation like America to run its finances. Instead of letting the debt clock tick higher and higher, lawmakers should take advantage of the many responsible reforms that would put our nation on a stronger path for the future.”