The news has reignited a conversation among policymakers about what needs to be done to manage the U.S. fiscal deficit. Following the news about the debt now overshadowing the size of the economy, Sen. Rick Scott (R-Fla.) took to X, saying it was “just embarrassing.”
“The consequences are all around us,” he added. The debt is a drag on the economy, he said, with American families “dealing with inflation, and higher costs of living because of Washington’s spending addiction. It’s only going to get worse until we cut up the credit cards and get serious.”
Meanwhile Nikki Haley, the former UN ambassador during Trump’s first presidency, wrote on X that America had crossed a “dangerous milestone.” She added: “When the bill comes due, expect higher taxes, a weaker dollar, fewer services, a weaker military—and our kids stuck paying for it.”
These statements echo the reality for many Americans. A study released yesterday by the Peter G. Peterson Foundation—an organization advocating for fiscal stability—found voters are increasingly concerned that national debt is driving up their cost of living: 92% of voters (including 94% of Democrats, 92% of independents, and 89% of Republicans) said they were worried current debt levels are impacting the prices of groceries, energy, and housing.
“I really think that our greatest challenge and our greatest threat is from within, not from without,” he added. “I think defending our currency, affording our government, all of the costs that we have domestically, I think really argues against getting more involved in international conflict—particularly if it’s a war of choice.”
“Robbing our domestic investments to pay for endless wars is a path to economic ruin that will open the door for China and other countries to dominate the future.”
Reaction to debt milestones—albeit negative—might actually be a cause for optimism among experts.
But CBO Director Phil Swagel is incredibly optimistic that a crisis will be avoided entirely. He told Fortune in an exclusive interview: “Interacting with members of Congress makes me optimistic. I know you read about all the squabbles…I’m completely aware of this, but the policymakers that are thinking about these things are thoughtful and effective.”
