In case you missed it, the U.S. National Debt hit the $20 trillion mark this week.
$20,162,176,797,904.13 (+) #NationalDebt
— National Debt Tweets (@NationalDebt) September 11, 2017
$20,165,692,741,989.91 (+) #NationalDebt
— National Debt Tweets (@NationalDebt) September 12, 2017
The grim milestone comes as lawmakers on Capitol Hill grapple with tax reform and just one week after President Trump struck a deal with Democrats to lift the debt ceiling by $318 billion. It was a temporary measure and will need to be revisited by Congress before December.
“Every man, woman, and child in America now owns more than $61,000 in our debt. As Congress approaches a bold effort on tax reform, we need to remember that debt is deferred taxes. By punting on any reforms to address the national debt, we are promising tax increases that will be paid for by our children and grandchildren," Republican Study Commission Chairman Mark Walker said. “We can do better. We must do better! Before Congress agrees to increase the debt limit again, it is imperative we pass new laws that will change this disturbing trend instead of ignoring the root cause of our nation’s debt problems.”