2024 must be the year we establish a congressional debt commission

Our national debt has surpassed $34 trillion for the first time in American history. 2024 must be the year we establish a congressional debt commission to save our country from fiscal ruin. 

Over the next decade, according to the nonpartisan Congressional Budget Office, our annual federal deficits are on pace to double, our interest payments will triple, and for every dollar we borrow, 50 cents will go just to paying interest on this debt.

This is a path to irreversible economic harm. Home ownership will become unaffordable, credit card payments will become unmanageable, and interest payments on our red ink will prevent Congress from funding our vital priorities. I have four young boys, and it’s killing me as a dad that they’re going to be raising their own young families and saving to buy their first homes in 2053 when the interest on debt payments will take up 40 percent of all federal revenues, per research from the Committee for a Responsible Federal Budget. What will that mean for their income taxes?

On the world stage, our unbridled profligacy will threaten our dominance, cripple our ability to compete with China, and risk the dollar’s standing as the world’s reserve currency.

How do we change this catastrophic trajectory? We don’t—not under the current way of doing things. That’s why the House Budget Committee intends to advance a measure this week to create a bipartisan, bicameral debt commission to develop a legislative proposal on which Congress must vote.

Consider that the only other time in American history that our debt—relative to the size of our economy—has been this high was in the aftermath of World War II. Back then, however, we were able to recover because we had both the will to reduce our spending and the vision to adopt policies to grow our economy back to a healthy balance sheet. Today, Washington has neither—only the wreckage of a budget process torn apart by brinkmanship and partisanship.

There are at least two major obstacles that prevent meaningful fiscal progress, and both can be addressed by a congressional debt commission with real authority and accountability.

The first obstacle is political motivation. Members of Congress generally respond to the basic laws of electoral physics: when their constituents call for Congress to do its duty, lawmakers act. 

Therefore, we must continue to educate and inform our constituents about the depth and severity of the problem so we can ignite this action. Every action has a reaction, and the louder the voices calling for change, the more immediate the response. 

This can’t be an inside-the-bubble exercise. We’ve tried that, and it has failed spectacularly. We must get right into the jetstream of public debate. A commission that launches a dedicated campaign to articulate the looming threat, its implications for families and businesses, and potential bipartisan solutions will close the information gap and motivate Americans to galvanize their representatives. Regional field hearings outside of Washington, D.C. will be an opportunity to receive input from all walks of life, while public service announcements and research will help ensure we reach people where they are. 

Shortly after I joined Congress in 2021, I put together a Debt and Deficit Task Force with local leaders throughout Utah’s 1st District to create a framework of solutions for how we can rein in our federal debt and chart a more fiscally responsible course to set up the next generation for financial prosperity. Utah gets it right with a balanced budget each year and a rainy day fund, and there are sound practices on the state level that we can learn from and implement at the federal level. I have taken the Task Force’s recommendations and shared them with my colleagues as we seek real solutions to our spending challenges, and I’ve seen the great possibilities that come from sourcing ideas beyond the halls of Congress.

The second significant obstacle is political fear. Policy solutions to drive down the debt are out in the open and fairly known, but electorally unknown. In other words, it’s risky, and politicians are typically inclined to play it safe. This is a combustible concoction that produces electoral angst.

I’ve repeatedly stated that it is easier for politicians to vote “no” because it avoids the burden of responsibility, but elected leaders must be willing to do what’s best for America’s future, even if that means taking difficult votes.

A bipartisan debt commission will guard against demagoguery and self-serving political agendas. This is necessary if we want Republicans and Democrats to embark on a politically risky endeavor in an environment that is far from risk averse.

The House Budget Committee, of which I am a member, has laid the groundwork for this effort. We have held numerous hearings and discussions with lawmakers, outside experts and stakeholders.

That thoughtful process has identified the need for a path to reform, along with a clear-eyed understanding of the obstacles to get there and what it will take to succeed. 

A bipartisan debt commission would consist of 16 members selected by the Speaker of the House, the House minority leader, the Senate majority leader, and the Senate minority leader. The members will include members of Congress and experts from the private sector. The commission will identify policies to improve our fiscal health, propose recommendations to stabilize the debt-to-GDP ratio and more. Congress would then be required to vote on the commission’s proposal without amendment or delay. 

One thing is for certain: we need to break free from the perennial cycle of cliffs and crises that end in short-term “fixes” that actually fix nothing. A debt commission will build a proactive and pragmatic approach that transcends gridlock and political expediency and truly prioritizes the long-term interests of the American people over immediate political considerations. It will empower Congress to chart a course to fiscal stability and economic growth and safeguard the well-being of generations to come.

Our current debt problem does not have to be permanent, just like unrestrained spending in the past does not have to go unaddressed in the future. We know what needs to be done, and now is the time to do it. 

Blake Moore is the vice chair of the House Republican Conference and a member of the House Budget Committee and the House Ways and Means Committee.