News and Updates
Hon. David M. Walker Testifies Before House Budget Committee, Calls for Urgent Action to Avoid a Debt Crisis and Restore Fiscal Responsibility
By Dan Rene
NewsWires
Chairman and former U.S. Comptroller General David Walker, testified today before the U.S. House of Representatives Budget Committee, urging immediate and comprehensive action to avert a debt crisis. Walker highlighted the unprecedented scale of federal debt, which now exceeds $36 trillion, with total federal liabilities and unfunded obligations surpassing $125 trillion. He warned that without decisive action, the nation faces a 70% likelihood of a domestic and global debt crisis within the next 3-5 years. During his testimony, Walker emphasized:
“The fuse has been lit on our debt bomb, and there are many indications that our time to defuse it is getting short. For example, there is an increasing gap between the amount of debt we need to issue to finance our huge deficits and refinance maturing debt and the appetite of traditional purchasers of Treasury debt.”
Americans Are More Dependent Than Ever on Government Handouts, New Report States
By Kevin Stocklin
The Epoch Times
Americans Are More Dependent Than Ever on Government Handouts, New Report States
“The surge in transfer payments during the past 50 years is just one manifestation of the trend to politicize and tangle up all aspects of Americans’ lives with the government,” Steve Hanke, professor of Applied Economics at Johns Hopkins University and a member of the board of directors of the Federal Fiscal Sustainability Foundation, told The Epoch Times.
Fiscal Leadership, Not Laggardship, Needed From Candidates
By David M. Walker
DC Journal
Many leaders from the government and the private and nonprofit sectors have expressed concerns regarding our substantial federal deficits and mounting debt burdens. Despite this, the two major presidential candidates are ignoring the issue while making promises that will make our fiscal outlook worse rather than better.
New Platform Details States’ Legal Efforts to Secure a Constitutional Solution for Defusing America’s Ticking Debt Bomb
By Dan Rene
NewsWires
With the nation’s debt and deficit levels rising to unsustainable levels due to Congress's short-term focus driven by election cycles, the FFSF's new platform outlines why this litigation is the most timely and viable path to addressing the nation's fiscal crisis before we face a global debt crisis. The site features a detailed summary of potential litigation, scholarly articles, legal precedents, and more, emphasizing the importance of states exercising their constitutional authority.
States Need to Assert Their Rights Under Article V of the Constitution
By David M. Walker, Ken Cuccinelli
DC Journal
The U.S. federal debt is growing alarmingly, increasing by $6.4 billion per day, $268 million per hour, $44 million per minute, and $74,401 per second. Despite this alarming rate, Congress does not seem to be taking effective action to address this fiscal issue. This lack of action from Congress should concern us all and motivate us to seek change.
David Walker, former Comptroller General, offers some of the discussions that he feels candidates should be having with voters in an op-ed published by Inside Sources.
It’s Time for Candidates to Get Serious About Federal Finances
By David M. Walker
DC Journal
It’s election season and candidates and how often do any of the candidates address the unsustainable federal debt? Frankly, talking about the debt is not a “good vibe” topic but it can’t be ignored. The potential consequences of inaction, such as economic instability and reduced government services, are too significant to overlook.
The DC Journal recently published an op-ed by David Walker and Ken Cuccinelli explaining that there is a way for the states to address this fiscal problem.
How to fix America’s federal finances
By David M. Walker
The Hill
It's imperative that all political candidates, especially those aspiring for the presidency, recognize their role in the country's financial recovery and consider these proposals before it’s too late. David Walker, in a recent op-ed for The Hill, outlines three constructive plans and credible ideas. These measures, if adopted, could pave the way for our country's financial stability.
“Since regular legislation has thus far proven ineffective in solving the nation’s growing debt problem—because one Congress cannot bind the next—a constitutional amendment is the only long-term solution to enforce fiscal discipline,” said David Walker, Chair of the FFSF Board. “The Constitution empowers states to call a convention to propose such an amendment, and the necessary number of states have already applied. If Congress fails to fulfill its duty, states must enforce their rights, and citizens should advocate for this essential action.”
Solving the Debt Crisis Image
By Barry Paulson
Town Hall
Many Americans are concerned about the federal debt and may feel the situation is beyond their control. Most states have amendments in their constitutions that require the state budget to be balanced, but no U.S. constitutional amendment exists. However, there is a solution within reach. By advocating for a constitutional amendment to regulate spending and establish fiscal rules, the states can play a crucial and empowering role in addressing this issue. Dr. Barry Poulson’s recent op-ed in Townhall proposes some fiscal rules and ideas that could guide the states in reining in excessive spending and ensuring a more stable financial future for generations to come.
Regarding a way forward, the candidates need to acknowledge that we are on an imprudent and unsustainable fiscal path, and they should commit to taking steps to defuse our ticking debt bomb.