Lubbock Times

House Budget Committee Member Blake Moore (R-UT) has raised concerns about the rapid growth of interest payments on the national debt, describing it as the fastest-growing component of federal spending. In an article for the Washington Examiner, Congressman Moore emphasized that these interest payments now surpass expenditures on infrastructure, education, healthcare, and national defense.

"As we celebrated the Fourth of July last week and reflected on the past, present, and future of our nation, I was reminded of something Thomas Jefferson once wrote: 'It is incumbent on every generation to pay its own debts as it goes,'" Moore stated in his op-ed. He continued by stressing that this fiscal responsibility has been neglected to the nation's detriment.

Moore highlighted a report from the nonpartisan Congressional Budget Office (CBO), which indicates that the United States will spend $892 billion on interest payments this year—a 153% increase since President Joe Biden took office. "This situation has decayed so rapidly that, for the first time in our history, interest payments now exceed what we spend on our national defense," he noted.

The CBO's economic outlook projects $22 trillion in deficits over the next decade. According to Moore, an estimated 60 cents of every dollar borrowed will go towards paying interest. He compared this scenario to a family borrowing excessively just to cover accrued debt interest, leaving little room for other priorities like education or homeownership.

"The national debt is projected to hit $35 trillion soon, growing by $1 trillion every four months," Moore warned. He contrasted this with Utah's responsible budgeting practices and pro-growth policies that have earned it recognition as having the best economy in the nation for 17 consecutive years.

Moore called for a three-pronged effort involving public awareness campaigns, constituent mobilization, and legislative action against deficit spending. The House Budget Committee has been proactive through oversight hearings and roundtables with experts and stakeholders to address these fiscal challenges.

"We have directed the CBO to provide full analyses of government policies' fiscal implications," he said. Additionally, Moore has convened a Debt and Deficit Task Force in his district to develop solutions modeled after Utah's successful budgeting efforts.

In conclusion, Moore urged decisive action to prevent future generations from inheriting a debt-ridden economy. "We must heed Jefferson’s warning and act decisively to ensure that we do not burden future generations with the consequences of our inaction."

The latest CBO monthly budget review showed a $201 billion increase in interest payments compared to last year due to higher interest rates. Congressman Moore continues to criticize what he terms as reckless spending by the Biden Administration.