House Budget Committee Debates Fiscal Commission Amidst $40 Trillion National Debt
The House Budget Committee recently convened in Dallas, Texas, to discuss the potential establishment of a bipartisan fiscal commission aimed at addressing the escalating national debt, which has surpassed $40 trillion. Committee Chairman Jodey Arrington, R-Texas, highlighted the urgency of the situation, noting that the nation now adds $1 trillion to the national debt every five months, a stark contrast to the nearly 200 years it took to accumulate the first $1 trillion. Arrington emphasized that interest payments on the debt now consume almost 20 cents of every revenue dollar, tripling the expense from a decade ago. He also translated the debt into household terms, stating that every American household owes a $300,000 share, and for those aged 18 and younger, their share exceeds half a million dollars, projected to reach a million within a decade. The committee is considering legislation proposed by Reps. Bill Huizenga, R-Mich., and Scott Peters, D-Calif., to create a commission tasked with negotiating a...
