US national debt has been adding $75,000 every second this year — senator
Rand Paul called US President Donald Trump's decision to cut $5 billion in foreign aid and funding for international organizations for the first time in 50 years "a drop in the bucket" in the fight against spending
WASHINGTON, December 25. /TASS/. The US national debt has been adding $75,000 every second this year, according to the annual report on US government spending prepared by Senator Rand Paul (R-Ky.).
He estimates that over the next decade, the US will "add an average of $23.9 trillion in debt annually for the next decade."
"The U.S. government will add over $6.53 billion of debt every single day for the next ten years. We borrow over $272 million every hour, we borrow $4.54 million every minute, and we borrow over $75,000 every second," the senator notes.
He called US President Donald Trump's decision to cut $5 billion in foreign aid and funding for international organizations for the first time in 50 years "a drop in the bucket" in the fight against spending. According to the senator's calculations, in 2025, "total government spending will be "A grand total of $1,639,135,969,608, which includes $1.22 trillion in interest payments on the debt."
The US national debt currently exceeds $38.5 trillion, or over $112,000 per capita. Most US experts believe that balancing the US budget is possible within a ten-year period. They recommend tying federal spending to the average annual income over the previous three years, adjusted for population growth and inflation. Experts point to a long-standing problem in Congress's federal budget formulation: the lack of a comprehensive plan that includes absolutely all expenditures and revenues. They propose cutting unnecessary spending, which becomes a burden for taxpayers.