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Latin Times
Latin Times
Politics
Rebecca Montecinos

As U.S. Debt Pierces $40 Trillion, a $6 Billion-a-Day Borrowing Habit Drives Push for Spending Cap

WASHINGTON, DC - AUGUST 20: A sign displays national debt on a bus stop in Foggy Bottom on August 20, 2026 in Washington, DC. Signs have been put up across the country made by the nonpartisan Peter G. Peterson Foundation. (Credit: Photo by Anna Moneymaker/Getty Images)

WASHINGTON — The U.S. national debt crossed $40 trillion this week, and the congressman who runs the House's budget process wants the country to sit with a smaller number instead: $6 billion. That's what House Budget Committee Chairman Jodey Arrington says the federal government borrows on an average day, and by his account, more than half of that daily sum goes toward interest on money Washington has already spent.

Arrington, a Lubbock Republican, is using the milestone to relaunch a long-shot campaign: asking state legislatures to force a constitutional convention under Article V, a path the Constitution allows but the country has never actually used to amend itself. In his statement, Arrington argued lawmakers are leaving the next generation to cover bills "we are unwilling to pay for ourselves."

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