The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:
Today’s projections show a shocking new record: interest payments on the national debt will soon be higher as a share of the economy than they have ever been in the history of the country. This is a surefire path to a weakened nation, and we must change course.
At nearly the size of the economy, the national debt is truly astounding. What’s worse is this might be the low point over the next decade – by 2027, debt will exceed its record as a share of the economy if we don’t make changes. By 2034, we’ll see debt at a massive 122 percent of output.
Over the past eight months of the fiscal year, we’ve spent more on interest payments on the debt than we have on national defense. We are already spending more on interest than we do on all federal spending for children, and we will see interest grow larger than Medicare spending this year.
With debt growing out of control, we need leadership now more than ever. This should be domestic issue number one in the presidential campaign. It’s time for Presidents Biden and Trump to put forward plans to fix our debt. And it’s long past time for Congress to act.
QUINNSCOMMENTARY 
When the economic advisers within the Biden administration are on record as saying “debt does not matter”, what do you expect: indifference!
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You know that if there was any concern at all over this amount of deficit, the White House would be summoning the house and senate leadership and holding some meetings geared toward a solution(s). No? Yes?
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didn’t the transfer of student loans to the working folks via additional debt add to the problem–well who cares as buying votes for the older guy is well worth it.
$1.7 trillion is what the annual estimated deficit is–state debt and unfunded pension liabilities have grown exponentially.
remember about 40% of Americans pay no federal income tax–97.7% of taxes are paid for by the top 50% of income earners–if you have no skin in the game why would you care what others have to pay or what the deficit is–when promised a free lunch just take it.
Paul hit the nail on the head–like most things it will take a crisis.
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Nobody, and I mean nobody is going to do anything until it all blows up! Then the finger pointing begins.
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