This Tax Day is a stark reminder of our broken fiscal system that threatens our prosperity, our security, and our children’s future.
Rising deficits, soaring interest payments, and a lack of urgency in Washington to adopt meaningful fiscal reforms have placed the U.S. on an unsustainable trajectory.
To put all of this into perspective, here’s a breakdown of where we stand today:
- The U.S. national debt has ballooned to $37 trillion.
- Interest payments on this debt are approaching $1 trillion annually, surpassing what we spend on national defense.
- Our debt is reaching 123% of U.S. GDP.
- The average 30-year mortgage rate has increased to 6.72%.
- The average auto loan rate is now reaching more than 7.5%.
This crisis is unfolding right now and hard-working Americans are already paying the price. More debt fuels higher inflation, which erodes paychecks and savings. It also drives up borrowing costs, making it harder for families to buy homes or for businesses to expand.
With key tax cuts set to expire at the end of 2025, the decisions made in the coming months will have far-reaching consequences. Congress has a unique opportunity to change course. We can – and must – do both: lock in pro-growth tax policies while taking bold steps to rein in the federal government’s unchecked spending. We have outlined 20 priority reforms – including both spending cuts and loophole closures – to do just that and help achieve nearly $4 trillion in savings.
