Senator Mike Enzi, R-Wyo., Chairman of the Senate Budget Committee, today made the following statement on President Donald Trump’s fiscal year 2018 budget request.
“Just like hardworking American families, the government can’t continually spend more than it makes. What happens when we run out of financial gimmicks? It is time for Congress and the president to do what every American family has to do, live within our means,” said Enzi. “I commend the president on proposing a budget that balances, which has not happened in the last eight years. I also applaud the approach contained in the president’s budget to review and reform government programs and agencies to ensure they are both effective and efficient. But the president’s budget is a suggestion. We will take a close look at his budget, but Congress is mandated by the Constitution with key spending responsibilities and will ultimately decide what the nation’s fiscal priorities will be.”
Enzi noted that over the past eight years, even as the government took in record revenues and taxes, our nation was still unable to live within its means. Since 2009, our nation’s debt has almost doubled from $11.1 trillion to almost $20 trillion today. Even with today’s historically low interest rates, more than $241 billion in interest payments were made last year. CBO says that without any changes these interest costs will grow to $768 billion per year in 2027, as interest rates rise and we pile up an additional $9 trillion in new debt.