Marshall Expresses Concern on National Debt Crisis in Letter to Budget Committees
WASHINGTON, D.C. - Congressman Roger Marshall, M.D., along with a bipartisan group of representatives and senators, sent a letter to the House and Senate Budget Committees asking them to direct the Congressional Budget Office (CBO) to begin including debt servicing costs in all legislative cost estimates.
“The number one threat to America is our growing national debt,” said Rep. Marshall. “It is immoral for us to pass this enormous burden – now over $23 trillion - on to our children and grandchildren. Because the CBO is the only government entity providing budget and economic information for consideration in Congress, the very least we can do to address our national debt is require the true costs of legislation be reported and considered.”
Debt servicing costs capture the amount that the federal government is spending in net interest on the national debt. If America keeps spending at its current pace, CBO projects that payments for net interest alone will reach $928 billion—nearly $1 trillion and 3% of our nation’s GDP—within 10 years.