The recent spotlight on the U.S. debt ceiling highlights the pressing need for lawmakers to find a solution to the growing national debt, which currently stands at $36.1 trillion. This familiar situation of raising the debt ceiling highlights the fundamental issue that the federal government is facing – the government is spending more than it is earning.

Despite the abundant assets and resources in the country, the federal government persists in running budget deficits, a trend that has been ongoing since 2001 when the last budget surplus was recorded. The magnitude of the national debt now surpasses the Gross Domestic Product by more than 20%, a concerning figure underscoring the financial instability.

One unique aspect of the federal government is its ability to create money to cover deficits by selling its debt to various entities globally. However, this practice is not sustainable in the long run, evidenced by the increasing reliance on foreign countries to hold a significant portion of the U.S. national debt, such as Japan and China.

Efforts like the Department of Government Efficiency, intended to address government inefficiencies and waste, have fallen short of expectations and may end up costing taxpayers more than anticipated. The challenge lies in prioritizing government spending on critical investments, such as USAID or pediatric vaccines, while simultaneously seeking to address the creeping financial problems faced by the Social Security program.

With interest payments on the national debt projected to soar and funding shortfalls in vital programs, a Department of Fiscal Responsibility is essential to enforce prudent financial management by lawmakers. The trajectory of the federal government’s fiscal health demands a concerted bipartisan effort to steer it towards financial stability.