Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today as the United States surpassed $36 trillion in debt. Peterson said:

“The election is behind us, but the national debt keeps charging full steam ahead. 

“America crossed $35 trillion in debt over the summer and sped past $36 trillion before Thanksgiving. We now spend more on interest than national defense. This debt spiral needs to stop as the new administration and Congress face major fiscal deadlines in 2025.

“Over the next decade, we’re on track to add a staggering $22 trillion more to our national debt.  Ideally, our leaders should use the 2025 policy deadlines to slow the rapid pace of these trillion-dollar milestones. At the very least, they should add a budgetary Hippocratic Oath to their January oath of office and ‘do no fiscal harm.’

“In addition to the negative impact of debt on economic growth, all this borrowing is inflationary, and the last thing we need is to return to a period of rising costs for American families.

“The good news is that there are plenty of policy options for fiscal offsets and improvement. Our foundation’s Solutions Initiative presents 200 reform options that would improve our fiscal future.

“As the new president and Congress address the upcoming key fiscal events, including the reinstatement of the debt ceiling, the expiration of major parts of the 2017 Tax Cuts and Jobs Act and other budgetary deadlines, they should incorporate policies to offset the cost of any tax extensions or other additions they want to make. 

“With America’s debt rising unsustainably and inflation concerns top of mind, 2025 is a critical year for our economy and fiscal standing. With a growing economy, low unemployment and inflation improving, now is the time to solidify our fiscal future, not worsen it.”