Uncontrolled growth in federal debt threatens our economic stability and national security.
We need a comprehensive, bipartisan, long-term plan to reduce the federal debt. In 2015, spending for Social Security, Medicare, and Medicaid consumed 47 percent of the federal budget. By 2046, projected outlays for these three programs plus interest on the debt will cost more than the federal government now collects under current tax rates. All other expenditures, including defense, will be paid with borrowed money.