McCarthy: $10.5T of interest costs on debt over 10 years 'one of the greatest threats' to U.S.

House Speaker Kevin McCarthy says the $31.5 trillion national debt as "one of the greatest threats to America."

House GOP leaders and other lawmakers were briefed by the Congressional Budget Office on Wednesday about the nation's financial health. The CBO projected that over the next 30 years, the debt held by the public will reach 195% of the nation's GDP.

"In the next 10 years, Americans will pay $10.5 trillion just on the interest on our debt. Now put that in perspective, from 1940 to today, America's only paid $9 trillion so the next 10 years, we'll pay more than we paid in the last 80 [years]," McCarthy said at a news conference.

"The country wants us to work together so when the president delays our opportunity to negotiate together to help solve this problem, it only harms our economy. We look at the projections of growth to be very small, we see inflation continue to rise with the runaway spending," he also said.

The federal government has reached its statuary debt limit, and Congress has not yet voted to raise it further. Conservative Republicans have called for enacting spending reductions before passing a debt limit increase.

McCarthy said he hopes Congress can work with President Biden to put the country "on a path to a budget that’ll help slow inflation."

He also said changes to U.S. energy policy could lower inflation.

"If we can become energy independent, we can help curb inflation away. We can create more jobs and provide more revenue," he said.