u/HooverInstitution

Yesterday, Hoover Senior Fellow Joshua Rauh testified in front of the House Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs, during a roundtable on “Reducing America’s National Debt: Rooting Out Federal Waste, Fraud, and Overregulation.” You can click here for a video of the roundtable; Rauh's testimony begins at approximately 25:30. Rauh argues that the federal budget is under “severe immediate pressure,” with net interest outlays accounting for 25% of federal revenue (excluding Social Security revenue) last year. Under current law, Rauh notes based on his research, this figure will grow significantly over coming decades. To preserve spending and borrowing flexibility in the event of a major crisis, Rauh says, the nation’s current fiscal problems demand immediate and serious attention.