— Congressman Chris Smith issued the following statement following the passage of the FY25 Budget Resolution:

“The House took the first critical step to tackle our huge $36 trillion debt – a crushing burden that we cannot sustain or survive as a Nation. 

Most Americans are shocked to learn that the daily interest payment on the national debt is $2.6 billion. Yearly interest payments on the debt alone will rise to $952 billion in 2025 and will climb to over $1 Trillion in 2026—and that interest payment will total $13.8 trillion over the next decade.  This means the federal government already spends more on debt servicing than it does on Defense spending or Medicaid.

The bill we passed is a budget blueprint. After extensive conversations with colleagues and House Leadership, I have received commitments that we will seek to cut waste, fraud, abuse, and misdirected spending while protecting Social Security and Medicare and critical safety net programs like Medicaid that New Jersey’s Seniors and most vulnerable–including individuals with disabilities– desperately need and rely upon. 

Our children and grandchildren should not be burdened by the ever-increasing national debt. We must begin to address it today.”

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