Congressman Chris Smith has expressed his views following the approval of the Fiscal Year 2025 House Budget Resolution. In a statement, he emphasized the urgency of addressing the national debt, which currently stands at $36 trillion.
“The House took the first critical step to tackle our huge $36 trillion debt – a crushing burden that we cannot sustain or survive as a Nation,” Smith stated. He highlighted that most Americans are unaware of the daily interest payment on this debt, which amounts to $2.6 billion. According to Smith, yearly interest payments will rise to $952 billion in 2025 and exceed $1 trillion by 2026. Over the next decade, these payments are projected to total $13.8 trillion.
Smith pointed out that federal spending on debt servicing already surpasses expenditures on defense and Medicaid. The resolution passed by the House serves as a budget blueprint for future financial planning.
After discussions with colleagues and House leadership, Smith reported commitments to cut wasteful spending while safeguarding Social Security, Medicare, and essential safety net programs like Medicaid. These programs are crucial for New Jersey’s seniors and vulnerable populations, including individuals with disabilities.
“Our children and grandchildren should not be burdened by the ever-increasing national debt,” Smith concluded. “We must begin to address it today.”
