U.S. National Debt Hits $40 Trillion, Chairman Arrington Calls for Article V Convention to “Reverse the Curse”

U.S. National Debt Hits $40 Trillion, Chairman Arrington Calls for Article V Convention to "Reverse the Curse"

WASHINGTON, D.C. - The U.S. national debt has officially surpassed $40 trillion, marking another staggering milestone in America's fiscal crisis. House Budget Chairman Jodey Arrington (R-Texas) released the following statement:

"America's debt has reached $40,000,000,000,000. It took nearly 200 years to accumulate the first $1 trillion. Now, we add that much debt in less than five months. In fact, the federal government borrows $6 billion per day, over half of which is interest on the debt we already have-more than we budget for our entire national defense.

"Our national debt continues to pose an existential threat to the future of our nation. We are mortgaging our kids' entire future to pay for today's spending - promises we've made, which we are unwilling to pay for ourselves.

"Here's the sad and sobering truth: despite the urgency of our fiscal crisis, Congress has failed to muster the collective courage to meet the moment.

"It's for reasons such as this our founders included Article V of the Constitution-providing a path for the sovereign states to amend the Constitution in the face of a runaway federal government.

"Under this proceeding, we can finally pass a balanced budget amendment and reign in the unbridled spending that's driving our unsustainable debt.

"As James Madison said, 'A public debt is a public curse…greater than any other.'

"I'm calling on the sovereign states to Reverse the Curse!"