U.S. Reps. Scott Peters (D-CA) and Bill Huizenga (R-MI), co-chairs of the Bipartisan Fiscal Forum, are urging House leadership to include their fiscal reforms in upcoming legislation
In a letter to House leaders U.S. Reps. Mike Johnson (R-LA) and Hakeem Jeffries (D-NJ) the Congressmen outlined four major proposals to help rein in debt, including pushing to reduce the annual deficits to 3percent of GDP to cut deficits in half relative to the current level; the formation of a bipartisan fiscal commission to find legislative solutions to stabilize spending and decrease the national debt; to release an annual report by the Comptroller General to Congress and the public on the country’s financial position and fiscal health; and to institute a yearly assessment of government fiscal resilience against emergencies.
“Failing to act to address our increasing debt will have real consequences for our economy, security, and well-being of American families,” the Congressmen wrote. “A strong fiscal foundation is critical to the nation’s long-term economic growth, national security, and our ability to respond to future crises.”
The letter comes after the national debt surpassed $40 trillion in August, with annual interest payments exceeding $1 trillion to cover the cost of servicing the debt. Additionally, the U.S. borrows nearly $2 trillion each year just to cover its financial obligations for things like Medicare, Medicaid, veteran’s benefits, Social Security and more. The Congressmen said the current conditions will force Congress and the President to make tough choices about the future of the tax code and vital programs like Social Security.
“Our nation is confronting debt levels and interest costs that threaten our domestic prosperity and national security,” they wrote. “We must act as soon as possible, and in a bipartisan manner.”