Support for a bipartisan fiscal commission for federal debt management is increasing.
Members of Congress are growing more aware of America’s rising debt, which has doubled in the last decade and grown to around 124 percent of the country’s gross domestic product. Not only is the federal government’s debt increasing, but interest rates have increased as well, leading to even larger debts owed as time goes on.
Some legislators have begun to call for a permanent Congressional commission to investigate what realistic solutions are available for America to reverse course on its debts. “A fiscal commission is direly needed,” said Senator Mike Braun of Indiana.
Financial experts agree, encouraging legislators to press on in the midst of this situation. “Our fiscal challenges are serious but also solvable and a bipartisan commission is the best approach,” said Michael Peterson, CEO of the Peter G. Peterson Foundation, a non-partisan group that works to raise awareness of long-term U.S. fiscal issues.
As the Lord Leads, Pray with Us…
- For members of Congress as they take a hard look at government spending and consider options to reduce the national debt.
- For House Speaker Johnson and Senate Majority Leader Schumer to seek God’s direction on the upcoming appropriation negotiations.
- For federal legislators in each chamber to be discerning regarding the financial outlook of the nation’s future.
Sources: Reuters, The Hill
