National Debt
WASHINGTON. D.C. – U.S. Rep. Blake Moore has joined the Bipartisan Fiscal Forum (BFF), a congressional group dedicated to sounding the alarm about out nation’s unsustainable debt trajectory and working to get control of the nation’s fiscal future.
“Washington can no longer accept business as usual when it comes to our federal spending habits,” Moore said. “I am grateful to serve as a steering member for the Bipartisan Fiscal Forum and to work with my colleagues to create productive solutions to this looming crisis.”
Founded in 2020, the more than 70 members of the fiscal forum have worked together informally since then to put forward ideas that address the nation’s growing debt and exploding interest costs.
Moore officially joined the BFF on July 13 and was immediately named to its steering committee.
The challenges facing the BFF and its members are huge, according to Moore. The federal government is projected to borrow nearly $20 trillion over the next decade, with associated interest cost inhibiting its ability to prepare for and address 21st Century challenges.
Net interest payments on that debt will total more than $10 trillion over that period. That’s more than the federal government will spend on Medicaid or the Department of Defense, according to BFF analysts.
America increasingly spends more to finance the decisions of the past than investing in the future, members of Moore’s staff explained. For example, in 2023 the price tag for interest payments by federal government will be more than it pays to fund programs for American children.
By 2051, they added, interest payments will be the largest line item in the federal budget.
The BFF has supported budget solutions, including the Fiscal State of the Nation Act (FSON), a resolution requiring Congress to receive an annual financial report from a non-partisan source to understand how current and proposed policies may impact the nation’s long-term fiscal health.
That measure was introduced into the 117th Congress and was reintroduced this year.
On July 13, the steering committee of the BFF sent a letter to Speaker of the House Kevin McCarthy (R-CA) and Minority Leader Hakeem Jeffries (D-NY) advocating for the creation of a fiscal commission to guide future federal spending.
The BFF is strongly supported by the Committee for a Responsible Federal Budget, a nonpartisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact.
That group targets areas such as budget and debt projections, health care, Social Security, taxes, the budget process and economics.
“Since my first day in office, I have been laser focused on addressing our ballooning national debt and unsustainable fiscal trajectory,” said Moore, announcing his appointment to the BFF steering committee. “As the father of four young boys, I deeply care about our next generation’s fiscal outlook.”
Led by Representatives Scott Peters (D-CA) and Bill Huizenga (R-MI), other members of the BFF steering committee are Representatives Tim Burchett (R-TN), Ed Case (D-HI), Ron Estes (R-KS), Jared Golden (D-ME), Chrissy Houlahan (D-PA), Bill Johnson (R-OH), and Jimmy Panetta (D-CA).