Sen. Cruz: 'It's Likely to be a Long, Long Time' Before U.S. Pays Off $3.78T in Debt Added This Year

Bailey Duran | August 6, 2020 | 2:48pm EDT
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Sen. Ted Cruz (R-Texas)   (Getty Images)
Sen. Ted Cruz (R-Texas) (Getty Images)

(CNS News) – When asked to predict when the federal government will pay of the $3.78 trillion debt accumulated so far this fiscal year, Sen. Ted Cruz (R-Texas) said it would be “a long, long time,” and added that the “path we’re on is unsustainable.”

Cruz also stressed that we need to open the U.S. economy to get the engines of growth moving again, which includes bringing back jobs, cutting taxes and regulations, and helping small businesses.  

At the U.S. Capitol on Thursday, CNS News asked Sen. Cruz, “So far in fiscal 2020, the federal debt has increased by $3.78 trillion. When do you predict the government will pay off the debt it has added this year?”

“It’s likely to be a long, long time,” said the conservative senator.  “The path we’re on is unsustainable. We started the year in a hole with too much spending, too big of deficits, too much debt, and in the face of a global pandemic and economic crisis, we dug the hole substantially deeper.”

“The only way to turn it around is to, number one, restrain spending,” he said, “which is why I’m urging both parties -- Democrats and Republicans -- to stop shoveling trillions of dollars in cash -- all of which is being borrowed -- out of Washington.”

(U.S. Treasury)
(U.S. Treasury)

“But two, in order to start paying down the debt, we’ve got to bring back economic growth,” said Cruz. “We’ve got to bring back jobs. And that’s why our priority should be cutting taxes, reducing job-killing regulation, helping small businesses that are struggling to reopen, helping them survive and prosper and thrive, and hire employees back.”

Senator Cruz said he hoped to help businesses get back on their feet despite the pandemic. “That’s why this week I’m introducing the Recovery Act that is designed to do exactly that,” he told CNS News. “Lift taxes, lift regulation so that we can bring back jobs and return to the growth we need to be able to begin paying the debt.”

The fiscal year runs from October 1 through September 30. At the close of the 2019 fiscal year on September 30, 2019, the national debt was $22,719,402,000,000. On August 4, 2020, the national debt was $26,503,236,000,000.

That is an increase of $3,783,834,000,000 in a little less than one fiscal year. 

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