by Newt Gingrich

If America was a family or a business, its present debt situation would be considered a crisis.

According to the Congressional Budget Office, the current national debt held by the public is $29 trillion. This is 98 percent of our gross domestic product. The CBO expects it to climb to almost $52 trillion by fiscal year 2035. This includes intragovernmental debt such as the Social Security Trust Fund, which we eventually must pay (118 percent of that year’s projected GDP).

Servicing debt this size will cost about $1 trillion this year. CBO estimates total payments of interest on the debt through fiscal year 2035 will be almost $14 trillion. Of that $14 trillion, over 30 percent will go to foreign bond holders. It is projected that the largest foreign recipients of American tax money for interest on our government bonds will be Japan, the United Kingdom, Communist China, and the Cayman Islands.

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