This week, the House Budget Committee held a hearing with the Congressional Budget Office to review the federal government’s current fiscal trajectory. The numbers are sobering: our gross federal debt has reached $39 trillion - more than 123 percent of GDP and is projected to climb to nearly $64 trillion by 2036. Interest costs alone are skyrocketing, with the federal government projected to spend over $1 trillion this year on interest payments - triple what it was in 2021, diverting resources away from priorities that actually benefit Americans.
During the hearing, I focused on two critical issues: rampant government spending and fraud. From Social Security to Medicare and Medicaid, mandatory programs are consuming a growing share of the budget, leaving less than one-quarter of spending subject to congressional oversight. Fraud in these programs is a drain on taxpayers and undermines the ability to fund programs that actually serve people in need.
The CBO baseline shows that if we continue on this path, interest costs will surpass all discretionary spending by 2038, and net interest alone will soon exceed Medicare spending. This is real money coming out of every American household.
We need to rein in spending, cut waste and fraud, and adopt a clear fiscal framework to bring our deficits down to sustainable levels. Without decisive action, our children and grandchildren will inherit a debt crisis that is entirely preventable.
📺 Watch my questioning from the hearing HERE.