WASHINGTON, D.C. – This week, U.S. Senator Rand Paul, chairman of the Federal Spending Oversight Subcommittee for the Homeland Security and Government Affairs Committee (HSGAC), announced he will hold a hearing on Wednesday, March 29, concerning the growing federal debt and its impact on spending. 

“As the federal debt ceiling is reinstated this week, our national debt stands at nearly $20 trillion, with a $295 billion interest payment just this year,” said Dr. Paul. “Our present, unsustainable course directly threatens our national security and long-term stability. I look forward to hearing from experts who will make the case for reform.” 

WEDNESDAY, MARCH 29, 2017

WHAT: Subcommittee on Federal Spending Oversight and Emergency Management hearing entitled, “The Effect of Borrowing on Federal Spending”

WHEN: 2:30 p.m. ET

WHERE: SD-342, Dirksen Senate Office Building 

WITNESSES:

Majority Witnesses: 

David Walker

Former United States Comptroller General, featured in the movie I.O.U.S.A. 

Veronique de Rugy

Senior Research Fellow at the Mercatus Center at George Mason University and nationally syndicated columnist 

Minority Witness:

Mark Zandi

Chief Economist for Moody’s Analytics 

According to the Congressional Budget Office, interest on our debt today is roughly 7 percent of federal spending. By 2026, it will be nearly 11 percent. By the time a child born today graduates from high school, it will be 15 percent, and it will be more than 18 percent by the time that child is legally allowed to consume alcohol. By comparison, roughly 14 percent of our budget is spent on national defense. 

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