Staff Reports
In a groundbreaking move, the House Budget Committee passed a bill called the Fiscal Commission Act of 2023. This bipartisan legislation aims to prevent the federal government from hitting rock bottom financially. It’s a big deal because, let’s face it, bipartisanship is as rare as a unicorn sighting in Congress these days.
House Budget Committee advances bill to create fiscal commission | Just The News https://t.co/vB2kgpAmSv
— John Solomon (@jsolomonReports) January 19, 2024
House Budget Committee Chairman Jodey Arrington, R-Texas, was practically doing a happy dance because this is the first time in over a decade that the Committee has passed such a bipartisan bill. The national debt, which is currently higher than Mount Everest, has everyone sweating bullets. In fact, by the end of 2023, the debt held by the public was a whopping 98% of the nation’s gross domestic product. Yikes! If that doesn’t make your heart drop to your stomach, what will?
Arrington, who clearly has had enough of this financial clown show, didn’t hold back during a news conference. He basically said, “Listen up, folks! We can’t keep living like there’s no tomorrow. We need to take action to save our country from going down the financial drain. It’s time to get our act together!”
The bill aims to create a fiscal commission that will work its magic to improve the federal government’s financial situation and get the nation back on track. It’s like a superhero squad for the economy! This commission would also have to come up with recommendations to balance the budget and keep the nation’s debt-to-GDP ratio in check within 10 years. It’s like giving the government a financial makeover – a total money-miracle transformation!
Sure, there are some naysayers who think this bill is about as useful as a screen door on a submarine. U.S. Rep. Jimmy Panetta, D-Calif., said it would’ve been easy for him to vote against the bill, being a Democrat and all, but he was inspired by the leadership from both Republicans and Democrats. That’s right, folks – even Democrats are jumping on the bandwagon!
Former U.S. Comptroller General David Walker, a member of the Main Street Economics Advisory Board, is also cheerleading for bipartisan teamwork. He thinks that getting support from both sides is like adding rocket fuel to the whole commission idea. It’s a surefire way to get the ball rolling on some major fiscal changes.
But the real cherry on top is Maya MacGuineas, president of the Committee for a Responsible Federal Budget, who just can’t contain her excitement over the bill. She sees this bipartisan fiscal commission as the superhero the nation’s dire fiscal situation needs. And boy, does she have a point! The national debt has tripled in the last two decades, and the interest on that debt is shooting up faster than a rocket. It’s gobbling up federal spending like a hungry hippo, and that’s bad news for the economy.
Interest costs on the national debt hit a record high in fiscal 2023, reaching a mind-boggling $879 billion. That’s like throwing money into a bonfire and watching it vanish into thin air. If things keep going this way, interest costs on the debt will soon be higher than a kid’s wish list for Santa. Can you imagine that?
The bottom line is, this bill is a glimmer of hope in a sea of financial chaos. It’s like finding a lifeboat in the middle of a stormy ocean. Michael Peterson, CEO of the Peter G. Peterson Foundation, is practically doing a victory dance over the Committee’s passage of the Fiscal Commission Act. He sees it as a major step toward stabilizing the national debt. It’s time to pull out all the stops and make some real changes to secure the nation’s financial future.
So, buckle up, America! It looks like the bipartisan dream team is on a mission to make sure the federal government doesn’t tumble into a financial black hole. Here’s to hoping this fiscal commission is the hero we all need!
