Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today as the U.S. national debt reached $39 trillion. Peterson said:

“As America soars past $39 trillion in debt, we must recognize this alarming rate of growth and the significant financial burden we are putting on the next generation. 

“At the current growth rate, we will hit a staggering $40 trillion in national debt before this fall’s elections. Borrowing trillion after trillion at this rapid pace with no plan in place is the definition of unsustainable. 

“This year, interest payments on the debt will reach a record-breaking $1 trillion.  Interest is the fastest growing ‘program’ in the federal budget, and over the next 30 years, the government will spend nearly $100 trillion on interest alone.  

“This election year, voters are rightly concerned about the connection between the rising national debt and its impact on inflation, affordability and their personal economic outlook. Nine in 10 Americans are worried that the rising debt is driving up the cost of living and contributing to higher borrowing costs, and voters across party lines are calling on candidates to address the debt.

“America faces complex and critical challenges, both at home and abroad, and putting our debt on a sustainable path will support a stronger, more secure future. The good news is that there are many solutions available, and they all should be put on the table for discussion during this campaign season.”