America’s national debt on Monday passed $35 trillion for the first time in history, a grim moment for the country’s fiscal future. That amounts to a six-figure debt for every man, woman, and child in the country. 

In a statement released Monday, the House Budget Committee chairman, Congressman Jodey Arrington, harkened back to President Reagan in an effort to drill some semblance of urgency over the situation into his colleagues.

“Today, we grieve yet another dubious milestone in the fiscal decline of the most powerful and prosperous nation in history,” Mr. Arrington writes. “President Reagan’s words 34 trillion dollars ago still hold true today: ‘We don’t have a trillion-dollar debt because we haven’t taxed enough; we have a trillion-dollar debt because we spend too much.’ I believe Republican leadership in 2025 is our last best hope to restore fiscal responsibility before it’s too late.”

The $35 trillion debt marks one of the largest single-year increases in the national debt in history. Last year, the debt sat at $32.65 trillion — an increase of nearly $2.5 trillion in just 12 months. The budget committee estimated that the increase over the last year comes out to about $4.5 million added per minute. 

Through the end of the year, America will need to borrow another $1.3 trillion to meet its obligations. That includes $750 billion in the third quarter and $450 billion in the fourth quarter. 

The Peterson Foundation on Monday called the milestone a “stark reminder” that America needs “to get serious” about the issue. 

“Crossing $35 trillion is an unfortunate milestone for our nation, but it should serve as a call to action this campaign season. Voters want solutions, and all candidates should develop credible plans to strengthen our nation’s fiscal and economic future,” the president of the foundation, Michael Peterson, said. 

According to the Treasury department’s data, a major driver of the debt increase is not just spending levels, but the interest that is accruing on already existing debt. In fiscal year 2024, America is projected to spend nearly $900 billion on interest payments alone — nearly one-fifth of annual spending. It has already passed what America spends on Medicare for seniors every year. 

In a memo sent Sunday, JP Morgan Chase warned that there is no end in sight for the historic deficits racked up in recent years, or the exponential rise in the country’s total debt.

“The bottom line for investors is that we don’t expect meaningful improvement in the trajectory for U.S. debt or deficits in the medium term,” the firm warned, hedging that there are some fail safes for investors.

The memo, however, tried to conclude with a hopeful note: “Multi-asset portfolios should still be able to deliver for investors,” the firm said. “Monetary policymakers have maintained credibility, investor demand for U.S. Treasury assets is still strong, and the tax base is robust.”