Peterson Foundation Statement on the National Debt Surpassing $35 trillion

NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today as the United States surpassed $35 trillion in debt. Peterson said:

“Crossing $35 trillion in debt is a stark reminder that we need to get serious about securing America’s fiscal future. Worse yet, the election is less than 100 days away and we’re projected to add another $1 trillion more in debt even during this short period. We can’t keep pretending this is not a problem.

“In many ways, this is a fiscal election. The leaders we elect this fall will not only face rapidly rising debt, but they will also have to deal with a series of urgent and highly consequential fiscal deadlines and decisions in 2025. Now is the time for candidates at all levels to put forward their ideas for meeting this moment and putting the nation on a more sustainable path.

“The good news is that this important challenge is entirely within our control and there are many effective policy solutions available. Last week, the Peterson Foundation released Solutions Initiative 2024, with seven leading think tanks across the ideological spectrum proposing more than 200 policy recommendations to stabilize our debt. These proposals provide a deep menu of action-ready options for the leaders we elect.

“Crossing $35 trillion is an unfortunate milestone for our nation, but it should serve as a call to action this campaign season. Voters want solutions, and all candidates should develop credible plans to strengthen our nation’s fiscal and economic future.”

To see the national debt ticking above $35 trillion, visit www.thenationaldebt.org.

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