Fiscal Restraint Amendment Testimony

Attachment: 4653/Fiscal_Restraint_Amendment_Testimony.docx

Testimony 2025-9 Fiscal Restraint Amendment

Mr Chairman, Our Federal Government has now accumulated over $36 Trillion dollars of national debt. We are adding approximately $1 Trillion of new debt every 3 months.

Our last full Fiscal Year of financial data for the Federal Government was 2023. In that year our total expenditures were $6.1 Trillion dollars, which included $3.8 trillion of Mandatory spending for Social Security, Medicare, Medicaid, Income Security and other entitlement programs.

The Federal Government spent an additional $1.7 trillion on Discretionary expenditures which included $805 billion for Defense. All other discretionary spending totaled $912 Billion.

It also had an outlay of $659 Billion for interest on the National Debt that they have accumulated.

The revenue collected in FY 2024 was $4.4 trillion. Our Mandatory spending was 86% of our Revenue. If you add the Interest payment to Mandatory, the combined outlay was 100% of Revenue. All funding of Discretionary spending was done with borrowed money. They spent $1.7 trillion or about 140% more than they collected in revenue.

This Fiscal Year, our interest payment on the burgeoning national debt will eclipse $1Trillion dollars and is projected to become the second largest line item in Federal Spending behind Social Security.

Accumulation of National Debt in the magnitude described is not sustainable and will lead to economic collapse. However noble the spending cuts through the incoming administration’s DOGE effort may seem, we are only 4 years from the next administration that may not have concerns about resuming excessive deficit spending.

I urge you to exercise your Constitutional authority under Article V to address the fiscal Federal fiscal problems. Please support this resolution.

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Created:	2025-03-11 17:58 GMT
Updated:	2025-03-11 17:58 GMT
Published:	2025-03-11 17:58 GMT
Converted:	2025-11-11 12:35 GMT
Change Author:	Daniella Landivar
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