While congressional negotiations continue on how to spend federal dollars this year, some lawmakers on the Hill are adamant that lawmakers need to change the way they budget — and that lawmakers should do more to tackle the growing national debt.
The House Budget Committee passed a series of reform bills last week with that goal in mind, including the Fiscal State of the Nation Act, which was proposed by Rep. Blake Moore, who represents Utah’s 1st Congressional District.
The bill aims to rein in wasteful federal spending. It would require the U.S. Comptroller to file a nonpartisan analysis of the country’s financial health annually, and requires that the findings are included in the year’s budget.
“The Fiscal State of the Nation Act is a commonsense bill that will bring much needed transparency and accountability to how Congress approaches our debt and deficit crisis,” said Moore, who represents Utah’s 1st District, upon the passage of the bill. “I am thrilled my legislation was included in this package of bills that aim to address our federal budgeting process.”
Dems oppose Sens. Romney and Manchin’s fiscal commission bill
Another bill, the Fiscal Commission Act, met with some resistance in the House Budget Committee. It is cosponsored by Rep. Scott Peters, D-Calif., and Rep. Bill Huizenga, R-Mich., and is the companion legislature to the Fiscal Stability Act, introduced by Romney, R-Utah, and Sen. Joe Manchin, D-W.Va, in the Senate. The bill seeks to create a bicameral fiscal commission to find solutions that can stabilize and decrease the national debt.
The pushback during the debate Thursday came from Democrats on the committee, including Pennsylvania Rep. Brendan Boyle, who said the commission would allow lawmakers to make “unpopular cuts” to programs, according to The Associated Press.
“We don’t need a commission to do that,” he said.
On Jan. 11, a group of 118 House Democrats wrote a letter to House leadership — Speaker Mike Johnson, R-La., and House Minority Leader Hakeem Jeffries, D-N.Y. — in opposition to the creation of a fiscal commission.
“Without member input and public review, fiscal commissions have historically recommended cutting or privatizing Social Security,” the letter stated. “Let’s be clear, a commission is not the solution. There is no shortage of legislation that will improve the fiscal standing of the United States while directly benefiting the public.”
Still, the bill passed the House Budget Committee in a 22-12 vote, and Romney and Manchin applauded the news.
“Taking immediate, corrective action to reverse this catastrophic financial demise of our own making will help ensure that our children and grandchildren are not burdened by our poor fiscal choices,” the two senators said in a joint statement, vowing to keep working to get “this critical, practical legislation across the finish line and signed into law.”
Romney and Manchin testified in November to the House committee about their proposal that would create a 16-member commission, consisting of 12 lawmakers and four outside experts.
Even back then, Romney maintained that he didn’t know a single lawmaker, Democrat or Republican, who supported slashing Social Security benefits. President Joe Biden and former President Donald Trump, the leading contenders for the presidential election in 2024, are on the same page, as are Romney and Manchin, he said, as the Deseret News reported.
“The question is, well, how about for people in their 20s and 30s? What should it look like at that point?” Romney said, noting the change in life expectancy for future generations could warrant a conversation about an adjustment in tax rates.
Sen. Romney’s fiscal commission bill to address the $34 trillion U.S. debt
In an opinion article published in The Hill last week, Romney and Manchin, alongside Reps. Huizenga and Peters, made the case for creating the commission by pointing to the looming national debt, which now exceeds $34 trillion.
The debt hit this number just three months after surpassing $33 trillion and now equals nearly $100,000 for every American citizen. According to data collected by the U.S. Treasury, the debt has grown by $10 trillion since 2019.
The lawmakers argued that both parties are to blame for the nation’s fiscal health. “Policies enacted by both Republicans and Democrats — across presidential administrations and several congresses — have led to soaring annual budget deficits,” they wrote.
A consequence of the growing debt is mounting interest payments, which totaled $659 billion in the last fiscal year, and was the nation’s fourth largest expenditure. This interest is on the path to surpass spending on defense as well as funding for federal agencies like education and transportation.
In the opinion piece, the lawmakers cited former Chairman of the Joint Chiefs of Staff Admiral Mike Mullen, saying, “The most significant threat to our national security is our debt,” in 2010.
“Those who claim a fiscal commission is simply a trojan horse for cuts to Social Security and Medicare are engaging in fearmongering. What will jeopardize these benefits is inaction — keeping the status quo,” the article said.