Capitol Hill Lawmakers Launch Bipartisan Fiscal Forum to Address Unsustainable Federal Deficit and Debt
Washington – A new organization has emerged on Capitol Hill with the aim of drawing attention to the government’s alarming financial situation regarding the federal deficit and debt, which has now reached over $32 trillion. Michigan U.S. Representative Bill Huizenga of Holland, a Republican, is leading the effort alongside U.S. Representative Scott Peters, a Democrat from California. Together, they have formed the Bipartisan Fiscal Forum, which has already garnered participation from more than 70 current House members.
The Bipartisan Fiscal Forum was informally established in 2020 and has since gained significant traction. Congressman Huizenga emphasized the urgency of addressing the issue, stating, “We’ve got to get serious about this, and here we just added $6 trillion in additional debt on top of what had already been there, and this is not sustainable. It’s acknowledged by virtually everyone involved.” He further added, “We are very serious about coming up with manageable and impactful solutions that will help us chart a different path.”
The group is determined to prioritize public education and transparency, aiming to avoid closed-door discussions. Congressman Huizenga expressed the importance of involving the public, stating, “This has to be an ongoing conversation, not just within our internal operations, but with the public. The public’s buy-in is crucial.”
The Bipartisan Fiscal Forum has outlined several guiding principles, including recognizing that the cost of debt poses a threat to the country’s future, understanding that lasting solutions require bipartisan support, and emphasizing the need to focus on constructive ideas rather than tearing one another down.
Both Huizenga and Peters highlighted the growing expense of financing the debt due to rising interest rates. Over the next decade, net interest payments are projected to amount to $10.6 trillion. Peters warned, “We’ll be spending more interest than on national defense. We see this growing problem, which is reflected in the amount of the budget being taken up by interest payments. If we continue down this path, it will severely limit our ability to invest in our children’s future.”
In support of their efforts, the Bipartisan Fiscal Forum sent a letter to House Speaker Kevin McCarthy of California and Hakeem Jeffries of New York, urging the creation of a bipartisan commission dedicated to addressing long-term debt and deficit issues. Peters emphasized that the commission could consist of experts or include lawmakers from both sides of the aisle.
Recognizing the significance of bipartisan collaboration, the nonpartisan Committee for a Responsible Federal Budget commended the launch of the Bipartisan Fiscal Forum. President Maya MacGuineas stated, “Getting our nation back on a fiscally sustainable path will require leaders from both parties to work together, and this is exactly what we have with the Bipartisan Fiscal Forum (BFF). This is exactly the type of bipartisan leadership the moment requires. The initial ask of the group—to create a bipartisan Fiscal Commission—is exactly what we need in this moment.”
The launch of the Bipartisan Fiscal Forum signifies a crucial step towards addressing the unsustainable federal deficit and debt. By fostering bipartisan cooperation and prioritizing public education, the organization seeks to create viable and impactful solutions for the long-term fiscal health of the country.
Original Story at www.detroitnews.com – 2023-07-24 02:58:33
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