(The Center Square) – Congress has spent more money than it has collected for the last two decades, allowing the U.S. debt to top $37 trillion for the first time.
Experts expected the U.S. to pass the $37 trillion mark months ago. The Treasury Department marked the milestone in a routine report.
Michael Peterson, CEO of the Peter G. Peterson Foundation, said federal spending remains unsustainable.
“Our national debt is now greater than the economies of the entire Eurozone and China, combined,” he said. “We are now adding a trillion more to the national debt every 5 months. That’s more than twice as fast as the average rate over the last 25 years.”
Peterson isn’t optimistic about Congress changing course.
“Our growing debt slowly damages our economy and the prospects of the next generation. As the…
