U.S. ‘adding debt faster than ever’

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00:00U.S. adding debt faster than ever.

00:03The U.S. national debt has now surpassed $38 trillion,

00:07reaching the fastest increase outside the pandemic era.

00:10In just over two months, the government added $1 trillion

00:14after the $37 trillion milestone in August.

00:18Michael A. Peterson, CEO of the Peter G. Peterson Foundation,

00:22called the milestone the latest troubling sign

00:25that lawmakers are not meeting their basic fiscal duties,

00:27speaking with fortune.

00:30The foundation claims the debt is rising due to deficit spending,

00:33higher interest payments, and the ongoing government shutdown.

00:37Interest payments, now around $1 trillion annually,

00:40have become the fastest-growing part of the federal budget.

00:43Peterson projects interest costs will reach $14 trillion

00:46over the next decade and warn this spending

00:49crowds out important public and private investments in our future.

00:53Shutdowns cost $4 billion in 2018 and 2019

00:57and $2 billion in 2013.

01:00A recent Yale Budget Lab report found that the surging debt

01:03is driving up inflation and interest rates.

01:06Adding trillion after trillion to the debt and budgeting by crisis

01:09is no way for a great nation like America to run its finances,

01:13Peterson said.

01:15Lawmakers should take advantage of the many responsible reforms available

01:18that would put our nation on a stronger path for the future.

01:21가�

01:37on a 느qu Wähler today.

01:40Awesome!

01:40Have a great year!

01:41on the many waiting list!

01:42yourselves together!

01:43Have a great year!