Washington, D.C. — Congressman Fred Keller (R-PA) joined Congressman Mike Cloud (R-TX), Congressman Ed Case (D-HI), and Sen. Mike Lee (R-UT) in signning a bipartisan, bicameral letter requesting that the House and Senate Budget Committees require the Congressional Budget Office (CBO) to include debt servicing costs in all CBO estimates.
The debt servicing costs, they say, would include the amount that the federal government is spending in net interest on debt. Current CBO estimates put payments for net interest on current debt service at $928 billion within 10 years, nearly three percent of our nation’s gross domestic product.
The group says the inclusion of debt servicing costs in all CBO estimates will help lawmakers make informed decisions about the true costs of legislative proposals and their impact on our national debt, rather than just pointing out the sticker price.
Congressman Fred Keller wrote:
“Federal spending is out of control and our nation’s current debt load is as costly as it is troubling. While families and businesses throughout Pennsylvania’s 12th Congressional District strive to live within their means and balance their budgets, the federal government continues to borrow money at a devastating cost to taxpayers.
“By requiring the Congressional Budget Office to report the cost of debt service in its estimates, the full costs of federal spending will be disclosed, allowing lawmakers and Americans to see how much of their tax dollars we are actually spending and how much of that cost will be passed on to future generations.”
See the full letter here.