Golden, Bipartisan Fiscal Forum React to Historic Debt Milestone 

WASHINGTON — Congressman Jared Golden (ME-02) and members of the Bipartisan Fiscal Forum (BFF) released the following statements as our nation’s gross national debt recently surpassed $40 trillion.

Annual interest payments on the debt are already approaching $1 trillion, more than the United States is projected to spend this year on defense, Medicare or Medicaid. Absent meaningful action, the debt is only projected to increase, and this has real consequences for hard-working families.

The BFF is a group of House members committed to raising awareness of the nation's unsustainable debt and working across the aisle toward a more responsible fiscal future. 

“Both parties talk a big game on fiscal responsibility — until they’re the ones who have to govern. Reducing our national debt shouldn’t be seen as a threat to one party’s agenda, but as a once-in-a-generation chance to work together for the good of all Americans,” Golden said. “It’s worth remembering: the last time we actually balanced the budget, Republicans controlled Congress and a Democrat sat in the White House. Absent bipartisan legislation, it's only a matter of time before one of the two parties is left holding the bag.” 

“Our national debt threatens our economy, drives up interest rates, slows wage growth, and leaves us less prepared for the next emergency. We are in this together, regardless of party label. Addressing our looming fiscal challenges will take both parties, and a bipartisan fiscal commission is a practical step toward doing so.” said Congressman Bill Huizenga (MI-04), Co-Chair of the Bipartisan Fiscal Forum 

“The national debt is now more than $40 trillion and we borrow nearly $2 trillion every year just to pay our expenses. As government borrowing grows, there is less money available in the system to help San Diegans afford homes, invest in their businesses, or take out loans. Congress must help working people keep up with the cost of living. The first step is to pass the Fiscal Commission Act.” said Congressman Scott Peters (CA-50), Co-Chair of the Bipartisan Fiscal Forum 

Golden has led efforts on fiscal stability throughout his time in Congress, helping to introduce the bipartisan Fiscal Contingency Preparedness Act, which would require the federal government to conduct annual "fiscal stress tests" to measure the nation's financial resilience against major national emergencies. In addition to this legislation, Golden has cosponsored a series of bipartisan bills aimed at reducing the nation’s debt, including the Fiscal Commission Act, Budgeting for a Better America Act and a resolution that would encourage Congress to achieve and maintain deficits at 3% of GDP. 

While the Bipartisan Fiscal Forum does not endorse legislation, members of the group are leading a range of proposals that would seek to improve the nation’s fiscal outlook.