U.S. Senators Mitt Romney (R-UT) and Joe Manchin (D-WV) released the following statement Wednesday on the United States national debt surpassing $34 trillion—which equals $100,000 for every person in the country—and called on their colleagues to prioritize passing the bipartisan Fiscal Stability Act in the new year.
“Years of fiscal irresponsibility have resulted in the catastrophic debt we face today, which now exceeds $34 trillion – double what it was just ten years ago. Our debt burden is not only unsustainable, but it is also growing at a rate never before seen in the history of this country. In fact, in a matter of years, the money that the United States spends to service the debt will be greater than what it spends on anything else. This posture, borne from out-of-control spending, weakens our economic and national security and jeopardizes our leadership on the international stage. Partisan politics can wait but this financial emergency cannot.
“As we make our New Year’s resolutions for 2024, we are once again urging our colleagues on both sides of the aisle to support the Fiscal Stability Act, which would create a bipartisan, bicameral fiscal commission to identify solutions to bring us back to a sustainable fiscal outlook. The future of our great nation depends upon reining in our debt crisis and a failure to act now will saddle our children and grandchildren with an insurmountable barrier to achieving the American Dream.”
Full text of the legislation can be found here.
