Over the last few weeks, Americans have been hearing endless mentions of the “One Big Beautiful Bill.” Although the Republicans’ reconciliation proposal is certainly big — so big it would add over $4 trillion to our national debt — it is by no means beautiful.
There is no way to hide the ugly reality of this bill. It allows for $2.8 trillion in new borrowing over the 10-year budget window, adds $3.3 trillion to the already more than $36 trillion national debt, and cuts over $700 billion from federal health care spending, primarily Medicaid.
By 2034, our debt-to-GDP ratio would be at 125 percent. Interest payments could exceed $2 trillion a year, making it impossible to pay off the debt. Considering we already spend more on servicing our debt than on stewarding American defense capabilities and health care, we are accelerating down an unsustainable and dangerous path.
Unrestrained fiscal policy has plagued the U.S. for decades, and it has not been limited to one side of the aisle. While members of Congress sit insulated on Capitol Hill and alternate between irresponsible tax cuts and excessive spending, life gets worse for everyday Americans.
Moody’s recently lowered the U.S. long-term credit ratings to AA1 from AAA. At the same time, the world is moving further and further away from the American dollar. This means Americans are left with a smaller economy, less economic mobility, and a lower standard of living.
As we know all too well, excessive borrowing leads to inflation and drives up interest rates, making it harder for Americans to finance a home, start a business, and put food on the table.
This is unsustainable and has to change very quickly. Don’t just take it from us: In a recent Wall Street Journal editorial, Sen. Ron Johnson (R-Wisc.) wrote called it “essential that Congress deviate from its current path. Under every scenario now being considered, federal debt continues to skyrocket from its current level of almost $37 trillion.”
So far in the 119th Congress, the majority hasn’t shown much of an appetite to deviate from this trajectory. In order to hand out tax breaks to the ultra-wealthy, the Republican reconciliation package would make devastating cuts to food assistance programs, health coverage, and other federal resources that hard-working Americans rely on to make ends meet. Is it so important to our colleagues across the aisle to give a handout to their mega-wealthy buddies that they would strap everyday Americans with even more crushing debt?
The national debt and our federal government’s spending deficit may seem like far-off, intangible concepts when D.C. bureaucrats and television talking heads drone on about them for weeks on end. But the American people know perfectly well how debt adds up. Our constituents have to balance their budgets every month — why can’t the federal government do the same?
The truth is, we can. For decades, Congress has chosen not to do so, perhaps because it isn’t politically expedient or it just takes too much hard work. Regardless, Congress and our federal government broadly are derelict in our duty to responsibly manage the government’s finances.
Since our coalition was founded in the 1990s, the cornerstone of the Blue Dogs’ work has been our relentless focus on fiscal responsibility. For years, Blue Dogs supported legislation to curb reckless spending, hold both Democrats and Republicans accountable to our constituents, and require that Congress balance the budget. We had a willing partner in President Bill Clinton, who remains the most recent example of real fiscal discipline in the federal government. Now, as then, Blue Dogs know that the American people have one demand for their legislators as prices continue to rise and reckless fiscal policy threatens their livelihoods: “It’s the economy, stupid!”
As this cry goes unanswered by a majority in Congress that proposes to drive our national debt to truly harrowing heights, Americans who work hard to pay their bills and take care of their families are losing confidence in their government. Each day this irresponsible spending continues, young Americans’ dreams that they can achieve the economic prosperity their parents did slip further and further away.
The Blue Dogs’ vision to solve this problem is proving that our government can work. We believe that change is not only possible but essential. It doesn’t have to be this way.
There’s another way forward: a bipartisan, commonsense way that pays down our debt while extending tax cuts to working Americans who need them most. Evidently, our offers to Republican leadership to work together on this fell on deaf ears this time.
But with costs rising, confidence in government is sinking. Americans are eager for change, and we remain committed to using a steady hand to deliver pragmatic policies that most Americans agree on. In that spirit, our offer still stands. We are eager to work with our Republican colleagues to solve the issues facing our country and deliver results to the American people.
We ask our colleagues: Will you work with us to deliver results?
The authors are all members of the House Blue Dog Coalition.
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