At the beginning of the fiscal year, the 10-year was at 4.1 percent. Today, the 10-year is at 5.1 percent: a 100 basis point movement over a single fiscal year. A sustained 60 basis point rise adds roughly $2 trillion in interest over a decade. A sustained 100 basis point increase would add $3.4 trillion.

At a 5% average interest rate, $63 trillion in debt means about $3.15 trillion a year just to pay interest. By 2036, that could consume roughly 56% of federal revenue outside payroll taxes. That’s interest fragility. Eventually you’re borrowing just to cover the cost of past borrowing.

We went from around 20 copper smelters in the U.S. to two, while China came to dominate much of the critical-mineral processing. Bringing that processing capacity back means using new extraction and refining technology to leapfrog the old methods and build the next generation of processing here.

Debt models start crashing when federal debt reaches around 154% of the size of the economy. At current interest rates, we’re headed above 160% in the next decade. The models put us in the danger zone around 2035. A recession, war or one bad shock can push our borrowing costs higher when we have less room to absorb it and are already borrowing just to pay the interest. We can change the math now, or eventually the bond market will do it for us.

We’re borrowing roughly $7 billion a day. Too many in Washington still do not understand what that means. If we keep borrowing at this pace, the bond market will run this country.

In June I said on the House floor we'd cross $40 trillion in debt by the end of this summer work period. We cross it this week. We're borrowing about $93,000 every second.

Thank you to the Dexcom team for the tour of their Mesa manufacturing facility last week. Great to see the technology that helps people manage diabetes being built in Arizona.

Our national debt just hit $39.77 trillion. It grew by nearly $3 trillion in one year. More than $8 billion every day, $337 million every hour and $93,632 every second. We are in real trouble.

Honored to receive the @NRFnews 2026 Hero of Main Street Award. I will always fight for the small businesses and retailers that keep our Main Streets strong.

Congratulations to Father Tegin Joy Alvarez, who was recently sworn in as a U.S. citizen and proudly serves our country in the military.