• US debt has soared by $210 billion in two weeks
• A bipartisan group of lawmakers have formed the Bipartisan Fiscal Forum (BFF) to focus on US debt
• Net interest payments on this debt will total more than $10 trillion over the coming decade.
US Debt Soars By $210 Billion
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. That’s a staggering $2.03 trillion higher than one year ago and an increase of $210 billion in just two weeks.
Formation of Bipartisan Fiscal Forum (BFF)
A bipartisan group of US lawmakers are forming a political alliance called the Bipartisan Fiscal Forum (BFF) to focus on US debt. Representatives Scott Peters (D-CA) and Bill Huizenga (R-MI), along with eight colleagues, say their mission is centered around “sounding the alarm about our nation’s unsustainable debt trajectory and working together to get control of our fiscal future.”
Net Interest Payments On Debt
The representatives reveal that net interest payments on this debt will total more than $10 trillion over this timeframe, more than we will spend on Medicaid or defense combined. They note that these levels threaten our economy and prompt immediate action to prevent further damage from being done.
Growth Of BFF
BFF was informally created back in 2020 and has since engaged in bipartisan efforts to promote plans that address growing debt and exploding interest costs, with 70 current members of Congress participating in BFF activities so far.
America’s rising public debt has become a significant issue for both Democrats and Republicans alike, as evidenced by the formation of BFF as well as its growth over time with multiple members involved in order to come up with solutions for addressing it before it continues to grow out of control.