Yesterday, the House Budget Committee held a hearing on our nation’s fiscal responsibility. I’ve been sounding the alarm on our unsustainable debt and deficit for years as Co-Chair of the Bipartisan Fiscal Forum and I’m glad the issue is gaining more attention, particularly because of its effect on young people and their future.
The deficit is what the government spends more than it takes in each year. The debt is the total accumulation of those deficits over time. Right now, that’s about $39 trillion. Every year we run a deficit, we add to the national debt—and right now, both are growing fast. The deficit was about $1.8 trillion in 2025 and is projected to rise again this year, while the total debt increased by more than $2 trillion in a single year. That means our country borrows nearly $2 trillion annually just to cover its expenses – and we spend nearly $1 trillion a year just on interest payments on that debt. That's money we aren’t spending on schools, infrastructure, climate, or anything that could help young people who are just trying to afford daily life and build wealth for the future.
I’m working with Rep. Bill Huizenga (MI-04) to reduce the federal deficit to 3 percent of our economy—about half its current level. It strikes the right balance between being aggressive enough to reassure markets and realistic enough to be achievable. This isn’t about left or right, Republicans or Democrats. Both parties are responsible. It's about who pays the price. Right now, it’s our young people, and that is what I am working to change in Congress.