6 days Ago
The current fiscal state of our nation is not where it was two years ago or even eight years ago. Compared to 2017, interest payments on the debt have more than doubled as a share of GDP, now surpassing Medicare and defense spending to be the second largest spending item in the budget — soon to be over $1 trillion annually. Over the next decade, deficits will add nearly $22 trillion to our debt obligations.
And to make things even worse, as our debt continues to rise, so do the standard measures of economic health — interest rates and inflation. It couldn’t be clearer that the fiscal health of our nation is not well, and the consequences of our debt are far from theoretical. Listen now and subscribe: Apple Podcasts | Spotify | Stitcher | RSS Feed | SoundStack | All Of Our Podcasts During negotiations on a final package between the House and Senate lawmakers, I encourage our leaders in Washington to make tough decisions to cut a significant amount of government waste.
Any final budget approved by Congress should be drastically improved to account for spending offsets and should at a minimum not make our debt situation worse by approving trillions more in new borrowing. From slowed economic growth, higher interest rates and increased inflation, reduced fiscal flexibility and the increased risk of a fiscal crisis, the consequences of continuing to toss this can down the road are consequential to our nation and future generations. As the party of fiscal responsibility, I encourage our Republicans to be bold and push for spending reductions to offset the cost of tax cuts.
As the 4th lowest debt per capita in the nation, Indiana’s great finances are tied to our nation’s monumental debt, which should be a grave concern as the leader of the free world. In the coming weeks, the opportunity for the fiscal trajectory of our nation to be changed for the better is possible. Reconciliation gives Congress the ability to pass meaningful changes that improve the fiscal situation for the next generations to come.
I encourage conservatives to address our debt and be bold in prioritizing fiscal responsibility for our children and future generations..
