Zachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.
Sen. Mitt Romney and a group of Republicans and Democrats have proposed legislation that would create a bipartisan fiscal commission tasked with lowering the national debt .
The commission would work to produce a report and propose legislation that would stabilize the ratio of public debt to gross domestic product within a 15-year time frame and improve solvency of federal trust funds, such as those for Social Security and Medicare, over a 75-year time frame. The proposal comes as the idea of a fiscal commission gains traction. New House Speaker Mike Johnson highlighted the notion during his first floor speech after replacing Rep. Kevin McCarthy as the leader of the House.
The country is staring down nearly $33 trillion in national debt, which is only projected to grow in the coming years and decades. Additionally, the federal budget deficit rose to $1.7 trillion for fiscal 2023, which ended in September, the Treasury Department recently announced. “With interest payments on our debt already exceeding the cost of Medicaid and soon our national defense, it would be irresponsible to keep ignoring this problem,” Peters said. “Every cent we spend paying interest on our debt is money that could have gone toward eradicating child poverty with the expanded child tax credit, making college more affordable, transitioning to a green economy, and so many more worthwhile investments.
Mitt Romney Bipartisan Legislation Fiscal Commission National Debt Joe Manchin Kyrsten Sinema Todd Young Cynthia Lummis John Hickenlooper
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