Sen. Rand Paul: $28.4 Trillion Federal Debt is ‘Absolutely’ Too Much

By Ashlianna Kreiner | August 12, 2021 | 2:31pm EDT
Sen. Rand Paul (R-Ky.)  (Getty Images)
Sen. Rand Paul (R-Ky.) (Getty Images)

(CNS News) – When asked if the $28.4 trillion federal debt was too much, Senator Rand Paul (R-Ky) said, “Absolutely, and we are borrowing about $2 million dollars a minute.”

At the U.S. Capitol on Tuesday, CNS News asked the senator, “The debt of the federal government is now $28.4 trillion dollars. Is that too much?”

Sen. Paul said, “Absolutely, and we are borrowing about $2 million dollars a minute.”

“Republicans claim to be for balanced budgets, they all vote for balanced budget amendments, yet a bunch of them just voted to add another trillion dollars to our debt,” said Paul, in reference to the $1.2 trillion infrastructure bill.  “So I’ll be introducing an alternative to this budget, which will be -- budget that balances over five years.”

According to the U.S. Treasury Department, the total public debt outstanding as of Aug. 9, 2021, was $28,427,651,083,061.54, or roughly $28.4 trillion.

The federal debt did not surpass $1 trillion until fiscal 1982. That fiscal year, according to the Treasury, the debt started at $997,855,000,000 and ended at $1,142,034,000,000.

Over the last 39 years, the debt has ballooned, from $1.1 trillion to $28.4 trillion.

Transcript

CNSNews.com: “So the debt of the federal government is now $28.4 trillion dollars, is that—is that too much?”

Sen. Paul: “Absolutely, and we are borrowing about $2 million dollars a minute. Republicans claim to be for balanced budgets, they all vote for balanced budget amendments, yet a bunch of them just voted to add another trillion dollars to our debt. So I’ll be introducing an alternative to this budget which will be—budget that balances over five years.”

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