Lubbock Times

WASHINGTON, D.C. - Chairman Jodey Arrington (R-TX) delivered opening remarks at the House Budget Committee's hearing on fiscal commission legislative proposals. In his statement, Chairman Arrington emphasized the urgent need to address the nation's runaway deficit spending and unsustainable national debt, which pose significant threats to the economy, national security, and America's global leadership.

Chairman Arrington highlighted the alarming statistics surrounding the magnitude and explosive growth of the nation's indebtedness. He pointed out that the debt-to-GDP ratio stands at 120%, and projections indicate it could reach 200% over the next 30 years. Annual deficits have doubled in just one year, reaching a record $2 trillion, with the Congressional Budget Office (CBO) projecting this number to double again in the current budget window, adding nearly $20 trillion to the national debt.

The Chairman also drew attention to the fastest-growing expenditure in the federal budget - interest payments. Last year, interest payments amounted to three-quarters of a trillion dollars, and projections suggest they will exceed $1 trillion next year. Chairman Arrington emphasized that no responsible leader can ignore the rapid deterioration of the nation's balance sheet, unsustainable debt and deficit spending, and long-term unfunded liabilities. He stated, "This is the 21st-century challenge for our nation. I believe this is our generation's World War, and the cost of losing this war will be catastrophic and irreparable."

Chairman Arrington stressed the bipartisan nature of the problem, stating, "This isn't a Republican problem or Democrat problem - it's America's problem." He called for real leadership from both sides of the aisle to intervene, change course, and prevent a sovereign debt crisis before it's too late. He urged lawmakers to have a sense of urgency, develop a plan, and exercise the political courage to execute that plan, ensuring a better future for the next generation.

Highlighting the need for a bipartisan approach, Chairman Arrington acknowledged that both parties have contributed to the current fiscal situation and emphasized the importance of coming together to work on strategies to fix it. While he acknowledged that a commission is not a panacea, he suggested that it can provide a depoliticized forum for educating the public and identifying consensus solutions to address the growing deficits and long-term unfunded liabilities.

The purpose of the hearing was to evaluate various bipartisan proposals for a debt commission, desired outcomes, structural designs, and other provisions meant to address the deficits and unfunded liabilities. The goal was to identify common themes that can be woven together in a bipartisan, bicameral consensus commission framework that could pass both chambers, be signed by the President, and have a meaningful impact on the nation's current debt trajectory and looming debt crisis.

Chairman Arrington's opening statement set the stage for a comprehensive examination of legislative proposals aimed at creating a bipartisan fiscal commission. The hearing provided an opportunity for lawmakers to come together and find common ground in addressing the pressing fiscal challenges facing the nation.

For additional details, please follow this link: https://arrington.house.gov/news/documentsingle.aspx?DocumentID=1118