Op-Ed: Now is the Time to Fix the Debt
Op-ed by former State Rep. Linda Hunt Williams
The United States faces a mounting fiscal crisis. Our national debt having surpassed $36 trillion poses a significant threat to our economic stability and national security. Interest payments on our debt have reached historic highs, overtaking defense spending as the second-largest budget item. Alarmingly, interest costs are the fastest-growing expenditure in the federal budget, limiting our ability to invest in critical public services and respond to unforeseen emergencies.
Despite widespread acknowledgment of the problem, decisive action remains elusive. The debt has ballooned to such an extent that continued inaction risks the strength of the dollar and our global financial standing. Policymakers in Washington must act now to correct our unsustainable fiscal trajectory.
The consequences of our debt are not abstract–they are felt by Americans every day. Rising interest rates and persistent inflation, both consequences of excessive borrowing, are straining everyday Americans’ budgets. Families struggle to afford essentials like groceries and gas, hurting their quality of life. We owe it to our children and grandchildren to confront this crisis head-on and secure a more prosperous future.
To meaningfully address the debt, policymakers must first acknowledge the severity of the issue and commit to bipartisan solutions. Since 2001–the last time we balanced a budget–80% of legislation that added to the debt passed with bipartisan support. It is clear that reckless spending is not a partisan problem but a systemic one. Both parties must commit to implement lasting fiscal reforms.
As a Republican I remain hopeful for the next four years under President Trump. Now, with ongoing discussions about using the reconciliation process to pass significant policy measures, fiscal responsibility must take center stage.
Currently, reconciliation budget proposals by the House include extending the president’s signature tax cuts and approving up to $3.5-4 trillion more in new borrowing, while the Senate’s proposal includes approving billions more in borrowing. We cannot afford reconciliation making our debt situation worse. Leaders in Congress must commit to no new borrowing, seek out other ways to bring in revenue, and consider lowering the extent of the tax cuts if we cannot afford to cover their cost offsets without borrowing further. It’s imperative that any legislation passed through reconciliation does not exacerbate our debt crisis, as the current packages being discussed would.
A critical first step in addressing the growing debt crisis is stabilizing the debt to our Gross Domestic Product (GDP), not allowing our burden to balloon anymore. In order to stabilize the debt to GDP, we would need to save over $9 trillion over the next decade. While this figure may appear daunting, it will only get worse if we approve trillions more in borrowing. We cannot afford to take away budget offsets that were intended to pay for debt reduction to pay for offsets from tax cuts. To find a solution to our debt, everything must be on the table, including reforms to critical entitlement programs. We must commit to fiscal responsibility and no new borrowing.
The time to act is now. If we continue on our current path, the national debt will exceed $50 trillion within the next decade, making a solution even more difficult to achieve. A national conversation on the consequences of unchecked debt is long overdue and our federal leaders must prioritize responsible governance. The future prosperity of our nation–and the generations to come – depends on it.
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