House Speaker Mike Johnson is unserious about fixing the federal deficit and reducing the national debt.
, “Federal debt held by the public, measured as a percentage of GDP, increases in every year of the 2024–2054 period. By 2029, that debt climbs to 107% of GDP, exceeding the historical peak it reached immediately after World War II. In 2054, it reaches 166% of GDP and remains on track to increase thereafter. Such large and growing debt would slow economic growth, push up interest payments to foreign holders of U.S. debt, and pose significant risks to the fiscal and economic outlook.
The drivers of this fiscal crisis to come are not debatable: an aging population driving up Social Security and Medicare outlays. Lifetime entitlement benefits already exceed lifetime entitlement tax payments for most individuals. And the gap between lifetime entitlement dollars received and lifetime entitlement tax dollars paid
Johnson instead claimed that Republicans have produced a plan to balance the budget in ten years. The Speaker claimed, “It’s possible to do, but it takes very tough political choices. It takes political courage, and I think you’ll see that in the days ahead because, again, I believe the stakes are too high.”, the House Budget Committee resolution to which Johnson refers relies on unspecified cuts to “appropriations and improper payments — which will almost certainly not materialize.
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