October 1, 2014

House Panel Focusing on Risks of High Debt

  • The national debt has grown significantly in recent years due to rising annual deficits. A deficit occurs in any year the government spends more...

The nation’s current fiscal path threatens to leave future generations of Americans with less opportunity and reduced prosperity, according to a staff memorandum in advance of a timely House hearing today on the consequences of a large and rising federal debt.

“While the short-term budget outlook has improved temporarily from where it stood in 2009 and 2010, the U.S. still faces a long-term fiscal picture that experts from across the political spectrum agree is bleak,” the majority staff of the Committee on Financial Services said in the memorandum.

The hearing, “Why Debt Matters,” was to include testimony from three experts who have previously spoken at Concord Coalition forums around the country: David Cote, chairman and CEO of Honeywell International; Alice Rivlin, senior fellow at The Brookings Institution, and Douglas Holtz-Eakin, president of the American Action Forum.

Jared Bernstein of the Center on Budget and Policy Priorities is also scheduled to testify.