releases: https://mcadams.house.gov/news/documentsingle.aspx?DocumentID=483
Data license: MIT · Data source: dwillis/congress-press
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| url | title | date | year | month | party | chamber | state | member_name | bioguide_id | domain | scraper | source | date_source | text | has_text | collected_at | updated_at |
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| https://mcadams.house.gov/news/documentsingle.aspx?DocumentID=483 | McAdams: elevated risk to U.S. economy from growing debt burden | 2020-09-03 | 2020 | 2020-09 | Democrat | House | UT | Ben McAdams | M001209 | mcadams.house.gov | legacy | West Jordan, Utah Congressman Ben McAdams said new Congressional Budget Office (CBO) numbers on federal deficits and debt are flashing red lights warning of an unsustainable federal budget outlook. The CBO projects that the debt will eclipse the size of the entire economy next year, increasing from 79 percent of Gross Domestic Product (GDP) in 2019 to 104 percent of GDP in 2021. The gross U.S. debt today totals over $26 trillion, or roughly $80,000 per U.S. citizen. The skyrocketing debt threatens the future of generations to come. There are consequences if we don't rein it in. It swallows other spending priorities and threatens our national security, said McAdams. Republicans and Democrats must come together now to get our fiscal house in order. We are running out time. McAdams said projections show that annual deficits will be $2.1 trillion higher than estimated prior to the pandemic. All major trust funds, including the Highway Trust Fund, Medicare Hospital Insurance, and Social Security Disability Insurance will be insolvent by 2031. During a fix the debt exercise this week with the Committee for a Responsible Federal Budget, McAdams said Utahns weighed in on prioritizing budget choices with the goal to reduce the national debt. Utahns take seriously the consequences of burdening future generations with a staggering amount of debt. Their insights into how we should tackle the issue will be front and center for me as I look at upcoming budget decisions, said McAdams. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |