.png)
Last year, the cost of paying for America’s national debt crossed the $1 trillion mark, reaching an all-time high of over $34 trillion. Financial experts say debt interest payments have more than doubled over the last decade, especially during the pandemic when government officials spent vast amounts of money.
California Republican and congressional nominee Scott Baugh called on U.S. lawmakers to cut back on spending as America’s budget deficit rises to unprecedented levels amid high-interest rates and a record-breaking debt.
Last year, the cost of paying for America’s national debt crossed the $1 trillion mark, reaching an all-time high of over $34 trillion. Financial experts say debt interest payments have more than doubled over the last decade, especially during the pandemic when government officials spent vast amounts of money.
“This is an alarming milestone to hit,” Baugh wrote on social media. “Congress needs to get serious about shrinking spending and reducing our national debt.”
Servicing costs have surpassed defense spending for the first time ever, according to a Congressional Budget Office analysis forecast that indicates federal spending could hit $870 billion this year—exceeding the $822 billion defense budget.
That’s a 32% increase from last year's $659 billion in interest expense. And based on reported data from the Federal Reserve, the annual interest payments on the U.S. national debt have not been seen like this since 1947,
“Over the next 10 years, the U.S. government is projected to spend a historic $12.4 trillion on interest payments, amounting to about $37,100 per American,” Visual Capitalist reports. “For perspective, in 2023, the U.S. spent more on debt payments than on Medicaid, one of its largest expenses.”
Baugh’s call to action for Congress comes as the former state lawmaker and staunch constitutional conservative Republican forges ahead in his bid to replace outgoing Democratic Rep. Katie Porter’s seat in Washington in 2025.
His campaign for Orange County's 47th Congressional District runs on 2024 presidential nominee Donald Trump's ideas about securing the U.S. border, controlling spending to address economic challenges, and strongly opposing the Biden Administration's executive actions.
“We need to solve that problem so we don't hurt our next generations,” Baugh told local media.
He also blamed House Democrats for government spending and the national debt.
“They expand government, expand government,” he said. “The problem — the reason we're in this trouble today, the reason we have a $34 trillion debt is because when the Democrats were there . . . you have all this infrastructure of spending going on without regard to the consequence of that.”
Baugh served as the Republican leader of the state assembly between 1999 and 2000 and later chaired the Orange County Republican Party. He also ran on the 2022 primary ballot for the Congressional seat but narrowly lost to Porter. In 2024, he will be running against California State Senator Dave Min for the House seat.