U.S. Reps. Kurt Schrader (D-OR), Carolyn Bourdeaux (D-GA), and Ed Case (D-HI) recently forwarded correspondence to Speaker of the House Nancy Pelosi (D-CA) advocating fiscal responsibility in response to increased deficit spending to meet COVID-19 pandemic challenges.
The letter, also signed by U.S. Reps. Dean Phillips (D-MN) and Stephanie Murphy (D-FL), stated that the current U.S. spending level should not be viewed as a sustainable, long-term solution. Increased fiscal responsibility is needed to preserve the nation’s long-term economic stability.
In January 2020, the Congressional Budget Office (CBO) projected at least $1 trillion annual budget deficits each year in perpetuity while public debt was projected to rise to 180 percent of GDP by 2050. Additionally, the March 2021 CBO revised outlook projected the public debt would exceed 200 percent by 2051.
“We write as Members of Congress deeply concerned with the fiscal state of our nation,” the lawmakers wrote. “As we continue to have a national conversation about major infrastructure spending and necessary investments to support hard-working American families, we believe it is critical that we do so responsibly and take meaningful steps to get our fiscal house in order.”
Schrader said Congress has made vital investments to strengthen and support the nation’s response to the COVID-19 pandemic.
“But, we must remember this increased level of deficit spending was employed to meet the unprecedented moment and should not be viewed as a sustainable, long-term solution to pass important legislation,” he said. “The truth is, our country was on an unsustainable fiscal path long before the pandemic began, and Congress must take a hard look at this pressing issue so we can find bipartisan solutions to address the root causes of our national debt.”