the national debt as of right now stands close to 29 1/2 trillion dollars and that figure is just climbing. already the country is paying $1 billion in interest on that debt per day. that's according to the peter g. peterson foundation. congress recently raised the debt limit by $2 1/2 trillion. lawmakers are considering spending more with president biden's 1.7 trillion dollar build back better agenda as we enter the new year. as you mentioned the congressional budget office found the version of the plan that passed the house in november would add $365 billion to the deficit through 2031. that's not including $207 billion in revenue from i.r.s. enforcement. mean whiem with the build back measure stalled some republicans are calling for more oversight demanding a balanced budget amendment to the constitution. senator lindsey graham from south carolina said it would
it rises significantly faster. >> republicans calling for more oversight demanding a balanced budget amendment to the constitution. for now it seems the debt is snowballing. the debt is more than $5.6 trillion. it nearly doubled during george w. bush's administration, $10.6 trillion and doubled again to almost $200,020,000,000,000,000 during president obama's administration. almost $1 trillion added during the trump administration to reach more than $27 trillion. usd:00.org says each taxpayer widow 233,$000. back to you. edward: i don't think they will take a check.
kick off the new year nearly $30 trillion in debt. lydia is here with the details. >> hi, gillian. that debt already cost the country nearly $1 billion in interest per day. that's according to the peterson foundation. now lawmakers are considering more spending with president biden's $1.7 trillion build back better agenda. as we entered the new year, the congressional budget office found the version of the plan that passed the house in november with ad $355 billion to the deficit through 2031. that is not including $207 billion in revenue from irs enforcement. but some republicans are calling for more oversight, demanding a balanced budget amendment to the constitution. it would force lawmakers to balance the budget each year. some experts say not taking action on the budget will have dire consequences.
subcommittee and the floor committee. >> there were celebrations every time we passed a plank. >> i'm now going to have a hole punched in the card. >> he would go to the floor and pull out his tv guide insert. >> we are trying to make people understand we were doing what we promised. >> the bill is passed. >> one of the smart things dick armey's people did -- >> 2/3 of those present having voted ind the affirmative, the joint resolution is passed. a motion to reconsider is laid on the table. >> as time went on that's when it got more difficult. >> i voted with many republicans for a balanced budget amendment.
deserve to hold office. >> people did 8 out and kept track. >> we led off with a balanced budget amendment to the constitution. ross perot performed so well as a third party candidate and a lot of his focus was concern about the deficit. a lot of those voters were disaffected republicans. we wanted to get those voters back and demonstrate a commitment to balancing the budget and fiscal responsibility. >> the american people regard balancing the budget as a moral issue. >> we take back the treats plank was born out of concern that we weren't doing enough to pretext american citizens. >> we were in the middle of a
we lead off with the fiscal responsibility act, which included a balanced budget amendment to the constitution, and line item veto reform in response to the fact that ross perot had performed so well in the presidential election as a third-party candidate, and a lot of his focus was on concern about the deficit, and a lot of those voters were disaffected republicans. we wanted to get those voters back, and to demonstrate a commitment to balancing the budget and to fiscal responsibility. the american people regard balancing the budget as a moral issue. they think, they've gotta balance their family budget, why shouldn't the government have to balance this budget. (upbeat music) the, "take back our streets" plank was born out of a concern that we weren't doing enough to protect american citizens. people tend to forget this, we were in the middle of a huge crime wave. rudy giuliani was elected mayor of new york because the level of crime had reached a point where people felt genuinely unsafe going into the city,
will need to work with donald trump to cut down on the spending bill. >> there is an option we need a simple majority in congress and the senate to rescind the bloated budget and leaders in the house and senate can just suggest to donald trump what he suggests they rescind and get votes through would not be as good for the fiscal health of the country but absolutely important for a base that is wondering why they are not going to govern as they claim. >> the house will vote on a balanced budget amendment to the constitution. florida governor rick scott making a bid for a new office on capitol hill as the gop battles to keep the majority of the chamber. >> with my wife on my side i'm announcing i'm running for u.s. senate of the great state of florida. heather: scott is campaign with a focus on job growth, donald trump informally endorsing him for the position last year, he will face off against bill
chris, that if you cut taxes, you will have, like the corporate tax, which is really the highest in the world, right? if we cut it, there will be some positive economic activity. but you just can't say we're just going to cut taxes, and everything is going to be great. there have to be some pay-fors. what do i think congress is going to do? i have no clue. but i'm actually in favor of a balanced budget amendment to the constitution. >> first of all, i think the deficit is not a problem and the debt's not really a problem. we have a reserve currency, and we'll be fine. that said, let's bracket that for a second. it has been the record of republicans -- this is something republicans have been consistent on. ronald reagan, huge deficit,
divided, and who i saw in a barn in new hampshire n a snow-covered picturesque barn. it does make a mockery of all the putative talk if you just pass a -- >> well, do you have children? >> i do. >> how old are they? >> they're 5 and 3. >> mine are 17, and the debt is $20 trillion. >> right. >> i think it's fair to say, chris, that if you cut taxes, you will have, like the corporate tax, which is really the highest in the world, right? if we cut it, there will be some positive economic activity. but you just can't say we're just going to cut taxes, and everything is going to be great. there have to be some pay-fors. what do i think congress is going to do? i have no clue. but i'm actually in favor of a balanced budget amendment to the constitution. >> first of all, i think the deficit is not a problem and the debt's not really a problem. we have a reserve currency, and
anemic to 4% or 5%. that would be huge. there's also the spending equation. that's base line budgeting where every government agency increases spending every year. if you reduce the rate of increase somehow you're evil and you're cutting money for seniors. >> yeah. >> when are we ever going to get that part of the budget under control? and what would you do? >> the first thing is, i've always advocated for is a balanced budget amendment to the constitution. we came within one vote in 1995. the house had passed it. the senate was within one vote of passing it and one republican senator switched his vote. >> who? >> it was mark hatfield. >> i remember. >> the day he switched his vote i called for his resignation as the chairman of the committee. i wasn't the most popular 2-month-old senator at the time by calling a 20-year-old veteran to resign his position. but that's how passionately i felt about it. it was a betrayal to the american public. >> i agree. >> we're going push this as president of the united states. i believe we need to do reform.