Richard Swett represented New Hampshire’s 2nd Congressional District from 1991-1995 and served as the U.S. Ambassador to Denmark from 1998-2001.

The United States has a systemic overspending problem that has become ingrained in the very foundations of Washington, D.C. 

Many members of Congress will tout fiscally responsible rhetoric in media appearances and on the campaign trail, but their actions in Congress reflect the exact opposite. As a nation, we have adopted the bad habit of spending beyond our means, and we face an uncertain fiscal future and a debt that exceeds $36 trillion because of that habit.

It has been decades since Congress produced a balanced budget. The last time Congress succeeded in balancing the budget was in 2001. Since then, debt has ballooned thanks to excessive borrowing, and we are on track to surpass well over $50 trillion in accumulated debt within the next decade.

If debt continues to grow, we risk the financial security and future of our nation. Policymakers must prioritize fiscal responsibility and debt reduction now.

The consequences of our nation’s fiscal mismanagement reach far beyond the economic health indicators of high inflation, interest rates and economic growth. Not only will opportunities for growth and public investment slow while interest and inflation increase but our national security will also be at risk. Interest payments on the national debt — the fastest growing item in the federal budget — reached nearly $900 billion during the 2024 fiscal year, behind only Social Security as the second-largest item in the budget. Increasing interest payments will hinder our ability to respond to national security and domestic emergencies.

As we’ve continuously borrowed to pay for Washington’s expensive appetite, we have become more and more reliant on foreign creditors, some of which may not have our nation’s best interests in mind. This not only increases American dependence on foreign creditors, but it also put the strength of the dollar as the world’s reserve currency at risk.

The essence of our problem can’t be attributed to a single party. Republicans and Democrats alike have caught the “spending bug,” and the issue is bipartisan. Since the budget was last balanced in 2001, nearly four fifths of all spending increases passed by bipartisan votes. The finger can’t be pointed at one party, and if we are going to take meaningful action to fix our debt problem, both parties must agree we have a spending problem and work together to lower the debt.

What can we do to address the debt? To begin, Congress should commit to no new borrowing and work towards stabilizing the debt to our Gross Domestic Product (GDP), prohibiting it from exceeding our economic output and adding more to our debt burden.

Congress should also consider establishing a bipartisan fiscal commission focused on the debt, comprised of members from both chambers. With the creation of a commission, government spending can be thoroughly reviewed and potential legislative recommendations to address the debt can be sent up to the whole of Congress. On the commission, members must also review at-risk mandatory spending programs, like Social Security and Medicare, both of which are expected to reach insolvency in the next decade.

With insolvency approaching, policymakers can no longer afford to make the promise of “not touching” these programs. In actuality this is a vow to allow them to reach insolvency. Benefits and revenue sources must be adjusted to ensure the viability of these programs. If action isn’t taken to preserve them, beneficiaries will experience significant cuts and the debt will likely increase due to the exhaustion of program trust funds and the need for government borrowing to pay for benefits.

Some have argued that we can avoid much-needed solutions to our debt problem by simply outgrowing the debt economically. While economic growth can and should play a role in the larger debt solution, it is extremely irresponsible to count solely on growth as the answer to our problems.

Leaders in Washington must prioritize fiscal responsibility and seek a bipartisan solution that brings everything to the table, including revenue increases, cuts on wasteful and unnecessary spending and solutions to secure critical entitlement programs.

It is concerning to see Republicans’ intention to introduce a reconciliation bill in early 2025 that will address President Trump’s priorities – above all, reinstituting Trump-era tax cuts. If they are to introduce major tax cuts, Republicans must consider other pathways to source revenue or risk adding trillions to the debt in coming years. With Republicans entering the second Trump term with control of both chambers and with a president who has a history of excessive spending, Congress must prioritize fiscal responsibility and gaining control of our debt by seeking a bipartisan solution.

In the next few years, we have the opportunity to begin taking action on the debt. A national conversation must begin on the issue, and only by working together can we make meaningful, lasting change. The time to act is now. Let’s do it for the next generations of Americans.