(Just The News)—A top Republican budget hawk called growing federal interest costs “a ticking time bomb that must be defused.”
U.S. Rep. Jodey Arrington, R-Texas, chairman of the House Budget Committee, blamed former President Joe Biden’s administration for a bleak milestone last year when the U.S. spent more on interest costs than it did on defense.
“Interest spending nearly tripled during Mr. Biden’s term. This is a disastrous result of his reckless spending spree, which ballooned the debt, triggered rampant inflation and increased borrowing costs for consumers and businesses,” Arrington wrote in an op-ed published by the Wall Street Journal. “As Republicans prepare to turn the page and execute President Trump’s America-first agenda, surging interest costs represent a ticking time bomb that must be defused.”
Carrying debt will only increase costs for U.S. taxpayers going forward, Arrington said.
“A major culprit is America’s untenable long-term debt,” he said. “As the debt grows, Washington must borrow more money to finance it. Investors, looking to mitigate risk amid such profligate federal spending, demand higher returns on U.S. Treasurys. This leads to compounding interest payments and even more borrowing and debt.”
U.S. interest spending is expected to increase in the coming years. In March 2024, the Congressional Budget Office projected “interest costs more than double in relation to GDP between 2024 and 2054, driven by rising interest rates and growing debt.”
The CBO’s most recent report estimated that public debt will rise from nearly $29 trillion to $52 trillion by 2035. That 2035 estimate is about 118% of U.S. gross domestic product, a measure of economic output. By 2029, debt as percentage of GDP will exceed the prior record set just after World War II in 1946.
Arrington noted that in 2024 “net interest costs accounted for 18% of federal revenue, and nearly half of every dollar we borrowed went to finance the debt.”
“This trend is continuing: By 2035 interest payments will suck up almost a quarter of federal revenues, and about two-thirds of every dollar borrowed will go to finance the debt,” he wrote. “Left unchecked, these payments are on track to become the single largest item in the federal budget by 2051, crowding out private investment and national priorities like infrastructure and national defense.
“True fiscal discipline is the only path forward,” he added.
Arrington said that’s exactly what President Donald Trump brings to the White House.
“Under his leadership, by cutting spending and controlling the national debt, the U.S. can launch an era of unparalleled strength and prosperity,” Arrington wrote.
During the 2024 campaign, the Tax Foundation said Trump’s policies could lead to more debt.
“Overall, Trump’s policies would reduce distortions in one part of the tax system, namely income taxes, only to replace them with new distortions in another part of the tax system, namely tariffs,” according to the Tax Foundation analysis. “The combination of policies under consideration risks shrinking the economy and growing the debt.”
The Committee for A Responsible Federal Budget projected Trump’s campaign promises could increase the debt by $7.50 trillion through 2035.
Trump has promised a more efficient government with his Department of Government Efficiency, led by Tesla CEO Elon Musk. Trump used his inauguration to underscore his plans to move away from taxing Americans in favor of tariffs on imports from other countries.
“I will immediately begin the overhaul of our trade system to protect American workers and families,” the 47th president said during his speech. “Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens.”
Trump promised to cut “hundreds of billions” in federal spending this year.
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