Press Releases

Today, U.S. Representatives Bill Huizenga (R-MI) and Scott Peters (D-CA), Co-Chairs of the Bipartisan Fiscal Forum, released the following statements with fellow Members of the Bipartisan Fiscal Forum, as the gross national debt recently surpassed $40 trillion. Annual interest payments on the debt are already approaching $1 trillion, more than the United States is projected to spend this year on defense, Medicare, or Medicaid. Absent meaningful action, the debt is only projected to increase, and this has real consequences for hardworking families. 

“Our national debt threatens our economy, drives up interest rates, slows wage growth, and leaves us less prepared for the next emergency. We are in this together, regardless of party label. Addressing our looming fiscal challenges will take both parties, and a bipartisan fiscal commission is a practical step toward doing so.” — Representative Bill Huizenga (MI-04), Co-Chair of the Bipartisan Fiscal Forum 

“The national debt is now more than $40 trillion and we borrow nearly $2 trillion every year just to pay our expenses. As government borrowing grows, there is less money available in the system to help San Diegans afford homes, invest in their businesses, or take out loans. Congress must help working people keep up with the cost of living. The first step is to pass the Fiscal Commission Act.” — Congressman Scott Peters (CA-50), Co-Chair of the Bipartisan Fiscal Forum 

“It is difficult to comprehend the scale of a $40 trillion national debt. What should be easy to understand is that we cannot continue down this path. The cost of servicing our debt is already consuming resources that could be used to grow our economy, strengthen our national security, and improve Americans’ lives. Generations of leaders from both parties share responsibility for the debt we have accumulated, and all must share responsibility for the solution. That means controlling spending, pursuing policies that grow our economy, and addressing the long-term drivers of our debt. The scale of this challenge is immense, but it is not beyond our ability to solve. America is a land of possibility, and we still have the opportunity to put our finances on a stronger foundation. If we make responsible choices today, we can strengthen our economy, expand opportunity, and leave future generations a more prosperous nation.” — Representative Lloyd Smucker (PA-11), Vice Chair of the House Budget Committee 

“Both parties talk a big game on fiscal responsibility — until they’re the ones who have to govern. Reducing our national debt shouldn’t be seen as a threat to one party’s agenda, but as a once-in-a-generation chance to work together for the good of all Americans. It’s worth remembering: the last time we actually balanced the budget, Republicans controlled Congress and a Democrat sat in the White House. Absent bipartisan legislation, it's only a matter of time before one of the two parties is left holding the bag.” — Representative Jared Golden (ME-02)

 “This milestone is a grave reminder of what is at stake if we do not seek legislative solutions to our federal spending crisis. Before long, the next generation will not be able to secure a car or home loan, afford everyday purchases due to inflation, or save for the future. Congress must come together to craft bold solutions, crack down on fraud in our government programs, and put the wellbeing of our children and grandchildren at the forefront of our discussions.” — Representative Blake Moore (UT-01)

 “Hard working families across the nation know the bitter reality of living with and paying off debt. Hopefully the painful reality of more than $40 trillion of gross national debt is the wake-up call Congress needs to take a page from our constituents, balance the budget, and restore fiscal stability to Washington.” — Representative Marie Gluesenkamp Perez (WA-03)

 “This is yet another sobering realization for lawmakers that we can no longer delay in addressing the fiscal state of our nation. Our record level of debt threatens our national security, strains our vital safety net programs, and creates a cascade of negative consequences for Americans from Main Street to Wall Street. Congress must come together expeditiously to pursue bipartisan solutions that responsibly rein in runaway spending before it is too late — the future prosperity of our nation depends on it.” — Representative Steve Womack (AR-03)

"Reaching $40 trillion in national debt is a dark milestone that should concern every American. Democrats and Republicans alike have contributed to this crisis, including doubling the national debt over the past decade. We must make realistic, aggressive changes if we want to ensure that the most critical functions of our government continue to operate for future generations. We cannot solve this crisis without both parties coming together with a true willingness to do whatever it takes. It's time for Congress to take decisive action now." — Representative Mike Quigley (IL-05)

While the Bipartisan Fiscal Forum does not endorse legislation, members of the group are leading a range of proposals that would seek to improve the nation’s fiscal outlook, including the Fiscal Commission Act, Sustainable Budget Act, Budgeting for a Better America Act, Fiscal Contingency Preparedness Act, Fiscal State of the Nation Act, and a resolution that would encourage Congress to achieve and maintain deficits at 3% of GDP. Adopting any or all these reforms would be a meaningful down payment toward fiscal responsibility.

The Bipartisan Fiscal Forum is a group of House members committed to raising awareness of the nation's unsustainable debt and working across the aisle toward a more responsible fiscal future.