U.S. Debt Soars $210 Billion in Two Weeks
• The U.S. public debt has risen by $210 billion over two weeks, reaching a total of $32.542 trillion on July 13th
• A bipartisan group of lawmakers have formed the Bipartisan Fiscal Forum (BFF) to focus on US debt
• The BFF is working to address the unsustainable trajectory of US debt and associated interest costs that are inhibiting our ability to prepare for future challenges
Rise in US Debt
The total amount of debt on America’s balance sheet is skyrocketing. New numbers from the government’s FiscalData platform show that on July 13th, the country’s total public debt hit $32.542 trillion, which is an increase of $210 billion since just two weeks prior and a staggering $2.03 trillion higher than one year ago.
Formation of the Bipartisan Fiscal Forum (BFF)
In response to this growth in US debt, a bipartisan group of US lawmakers have revealed they’re forming a political alliance called the Bipartisan Fiscal Forum (BFF). Representatives Scott Peters (D-CA) and Bill Huizenga (R-MI), along with eight colleagues, say their mission is centered on “sounding the alarm about our nation’s unsustainable debt trajectory and working together to get control of our fiscal future.”
Goals of BFF
The goals being pursued by BFF involve reducing current levels of US debt as well as controlling associated interest costs that are inhibiting our ability to prepare for future challenges. Net interest payments on this mounting federal debt are projected to total more than $10 trillion over the next decade – more than we will spend on Medicaid or defense combined!
Support for BFF
Since its informal inception in 2020, more than 70 current members of Congress have participated in various activities led by BFF as part of their efforts towards achieving these goals and promoting plans that address growing debt and exploding interest costs.