FRIENDSHIP HEIGHTS, MD – The national debt reached a new high yesterday, surpassing $22 trillion for the first time in history. The debt figure has been growing as a result of President Trump’s $1.5 trillion tax cuts coupled with continued increases in federal spending. Since President Trump took office in 2017, the debt level has increased by over $2 trillion.
Presidential candidate John Delaney releases the following statement:
“The explosion of our national debt is a threat to our economic and national security. Irresponsible tax cuts coupled with increased spending have made our fiscal trajectory even worse than it was before. The national debt has now eclipsed $22 trillion. Passing unsustainable debt to our children is reckless and immoral, and it will limit our ability to respond to future challenges. This problem will become materially worse as interest rates return to historical norms.
“Tackling our national debt requires strong leadership and tough choices. Draconian cuts are not the answer to addressing our fiscal concerns. We must increase revenue while also addressing the costs of healthcare. No single party can solve this problem alone; we have no choice other than to work together in a bipartisan manner to tackle our unsustainable fiscal trajectory. As a former business leader and member of Congress, I have a unique understanding of how we accomplish these goals and meet the challenges that we face.”