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.

We have to show the world’s debt markets we’re serious about our fiscal future or we risk letting them decide our future for us. This fiscal year alone, we’ll borrow about $2.5 trillion, $6.9 billion a day, nearly $80,000 every second.

My condolences go out to the Kyl family today. Senator Jon Kyl will be remembered as a true statesman who always did right by Arizona and America. I was honored to have had the opportunity to serve with him.

The rate on the 10-year Treasury note has reached 5% twice since 2007: briefly in October 2023 and today. Today's number should scare Congress. In 2007, debt-to-GDP was 62% and the deficit was 1.1%. Now, debt-to-GDP is 123% and the deficit is above 6%. ft.com/content/06cb850d-089a…

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.

Today, we remember the 2,977 Americans who lost their lives on September 11, 2001, changing our lives forever. May we never forget the heroes of 9/11 and the brave sacrifices made by so many to protect their fellow citizens.

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.

My prayers are with the families of those who lost their lives and the crews continuing the search and recovery effort. Please stay clear of the closed areas and follow @GrandCanyonNPS for the latest updates.

ICYMI: JEC Chairman @RepDavid joined @cherylcasone on @MorningsMaria to discuss the national debt as it tops $40 trillion, rising costs to federal commitments, and how demographics impact spending and debt.foxbusiness.com/video/640395…

Congratulations on a remarkable career, John. Always enjoyed our conversations over the years.

“Our nation faces a dangerous fiscal trajectory that threatens the promise of a better tomorrow for future generations, as well as current retirees. We are rapidly approaching the point where interest payments on the national debt will consume most of the federal spending. Our debt is quickly switching from sustainable, business as-usual, to an unsustainable, market-unraveling nightmare. At this rate, it won’t be long before we face catastrophic consequences. Congress must take the math seriously and act now by charting a new economically responsible path to secure our nation’s future for generations to come. To do nothing or keep on this path is flat out immoral,” said JEC Chairman @RepDavid tinyurl.com/4s4ah63t

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.

Chairman @RepDavid led a roundtable with @HooverInst to examine how regulatory sandbox pilot programs can reduce barriers to innovation, facilitate responsible experimentation & inform more effective regulatory policy.  “We are approaching a fundamental choice: cut or innovate. Too often, cutting or capping what already exists is easier than pursuing disruptive technologies that can lower costs, improve outcomes, and challenge entrenched business models.”  Thanks to the Hoover Institution at Stanford University for hosting JEC. @StanfordDeptMed @SUBiodesign @BusinessUtah @EconPatrick @StanfordEng @RachelSlaybaugh

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.

Total trade deficit in June was $73.26B, down $4.39B from May & 18% above the 12-month average. Trade of goods: deficit of $102.11B, down $3.86B from May & 13% above the 12-month average. Trade of services: surplus of $28.85B, up $527M from May & 3% above the 12-month average. jec.senate.gov/public/index.…

Congressman Mitchell and I ran against each other in two very hard-fought elections. Harry was always civil and decent in a profession that is often anything but. He was a good man who left a lasting legacy on our state. I want to send my condolences to his children Mark and Amy, and his grandchildren.