Bipartisan Fiscal Forum Co-Chairs Urge House Leadership to Act as Gross Debt Exceeds $40 Trillion
Representatives Bill Huizenga (R-MI) and Scott Peters (D-CA), co-chairs of the Bipartisan Fiscal Forum, recently sent a letter to House Speaker Mike Johnson (R-LA) and Democratic Leader Hakeem Jeffries (D-NY) urging them to include one or more bipartisan fiscal reforms in any legislation moving this year. Their letter follows the gross national debt surpassing $40 trillion. Annual interest payments on the debt are approaching $1 trillion, more than the country is projected to spend this year on defense, Medicare, or Medicaid.
"Failing to act to address our increasing debt will have real consequences for our economy, security, and well-being of American families," the letter reads. Each reform, they write, “would be a meaningful down payment toward fiscal responsibility” and “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 co-chairs urged House leadership to support a 3% deficit-to-GDP fiscal target, a bipartisan fiscal commission, an annual Fiscal State of the Nation, and a national fiscal stress test.
“Together, these bipartisan proposals reflect a shared recognition that the current fiscal trajectory is unsustainable and demands action. Our nation is confronting debt levels and interest costs that threaten our domestic prosperity and national security. We must act as soon as possible, and in a bipartisan manner.”
Read the full letter here.
