FEDERALhearing transcript

Senate Hearing: The Impact of National Debt on Federal Spending

Original title: THE EFFECT OF BORROWING ON FEDERAL SPENDING

January 1, 2017

federal debt budget policy debt ceiling government spending fiscal policy

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The Frame

What this does

The hearing examines the federal government's $20 trillion debt load and the legislative debate over whether to raise the , which determines the government's legal authority to continue borrowing to fund public services and obligations.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

U.S. Taxpayers

The national debt level and borrowing policies influence federal budget priorities and the long-term fiscal health of the country.

Federal Employees and Military Personnel

These groups rely on federal appropriations that are impacted by the government's ability to borrow and manage debt.

What changed

Last recorded activity January 1, 2017.

What's next

Next step not available in the current record.

Summary

This document is a transcript of a 2017 Senate subcommittee hearing regarding the national debt, the federal , and the potential economic consequences of government borrowing. Experts and senators discussed whether raising the debt limit should be tied to fiscal reforms and analyzed the government's ability to meet obligations without additional borrowing.

Key Facts

The hearing took place on March 29, 2017, in the Dirksen Senate Office Building.
The national debt reached approximately $20 trillion as of March 2017.
The debt equates to approximately $60,000 per American citizen.
Senator Rand Paul stated that the federal government can fund 86 percent of its operations without net borrowing on an annualized basis.
The hearing explored the argument that raising the debt ceiling should be accompanied by fiscal reforms rather than being an automatic process.
The subcommittee heard testimony from three expert witnesses: David M. Walker, Veronique de Rugy, and Mark M. Zandi.

Frequently Asked Questions

What is the debt ceiling?

The is the legal limit on the amount of national debt that the U.S. Treasury can incur.

Can the government function if the debt ceiling is not raised?

Senator Paul argued that the government could still fund 86 percent of its obligations, such as interest on debt, troop salaries, and Social Security, without .

Why It Matters

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Debt Ceiling Debate Strategy

The hearing highlights a specific legislative strategy of using debt ceiling votes as leverage to force broader fiscal reforms.

Rand Paul

Connected Entities

organizationSubcommittee on Federal Spending Oversight and Emergency Management“The body conducting the hearing”Map →

personMark M. Zandi“Chief Economist at Moody's Analytics”Map →

personRand Paul“Chairman of the Subcommittee on Federal Spending Oversight and Emergency Managem”Map →

personDavid M. Walker“Former Comptroller General of the United States”Map →

personVeronique de Rugy“Senior Research Fellow at The Mercatus Center”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance65
How much this matters to a regular citizen
Controversy50
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz15
Current news / social attention level

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