.Dear Friend,
The government's fiscal year just came to a close on Monday, Sept. 30, bringing a sobering reality check along with it. On the last day of fiscal year 2024, our national debt clocked in at a whopping $35,464,673,929,171.69 (and counting). This means we added more than $2 trillion to the national debt in the last fiscal year alone. This is completely unsustainable. Spending like this hurts the next generation and our current economic standing as a nation.
I've long been committed to trying to correct our nation's dangerous fiscal trajectory. I've cosponsored a balanced budget amendment to the Constitution multiple times and introduced an amendment to cut 1% of non-defense spending in the last Congress. In February, I helped introduce the Business Cycle Balanced Budget Amendment, which would require the federal government to balance its budget and rein in out-of-control spending, and just last month the Budget Committee passed my bill that would require more transparency from the Congressional Budget Office so lawmakers and the public can know how much money is being spent across the whole federal government, including executive orders and judicial actions that never go through the legislative process.
It took years to get into this mess and it will take years to get out, but fiscal year 2025 offers us another chance to change course to improve our nation’s finances.