This piece was originally published in National Review.
With interest rates rising, the federal government’s debt problem is about to get much worse. The Congressional Budget Office recently warned that rising interest rates, projected trillion-dollar deficits, and the ballooning national debt will cause federal spending on debt payments to “increase substantially.” The federal government’s interest payments are projected to reach $1.2 trillion annually by 2032, or 3.3 percent of GDP.
This growing pressure on the federal budget is causing lawmakers to focus new attention on trimming wasteful spending. House appropriators recently called on the comptroller general and the nonpartisan Government Accountability Office (GAO) to identify ways that Congress can save money by leveraging the watchdog agency’s nonpartisan oversight.
In its report accompanying the FY2023 funding bill for the legislative branch, the House Appropriations Committee included reporting requirements that will identify opportunities to trim hundreds of billions of dollars of waste from the budget.
Click here to read the full piece in National Review.