During a hearing today on the president’s fiscal year 2020 budget proposal, U.S. Senator Mike Enzi, R-Wyo., Chairman of the Senate Budget Committee, said that Congress and the president must work together to put our nation on a more sustainable fiscal path.
“It is no secret the federal government spends more than it takes in and will soon produce annual deficits exceeding $1 trillion,” Enzi said.“Make no mistake, both sides share in the blame of rising deficits and debt, and both sides must work together to address these issues.”
Enzi noted the rise in Mandatory Spending and interest on the debt represents more than two-thirds of what the federal government spends each year, and in the next ten years, more than half of all non-interest Mandatory Spending will be spent on Social Security and Medicare alone. Enzi also said that according to the Congressional Budget Office, debt held by the public is expected to reach $16.6 trillion later this year, or 78 percent of gross domestic product (GDP). By 2029, this debt is projected to grow to $27.8 trillion, or 93 percent of GDP, which is more than double the 50-year average of 42 percent.
“Just as these problems did not arise overnight, they are not likely to be solved overnight,” Enzi said. “That’s why in the coming weeks I’m hoping to put forward a budget resolution with reasonable, achievable deficit reduction targets as a first step in turning the tide of red ink.”