Peters, Huizenga Urge House Leadership to Adopt Their Fiscal Reforms as National Debt Tops $40 Trillion

September 8, 2026 Washington, D.C. — Today, Bipartisan Fiscal Forum Co-chairs, Rep. Scott Peters (D-CA) and Rep. Bill Huizenga (R-MI), sent a letter to House Speaker Mike Johnson (R) and Minority Leader Hakeem Jeffries (D) to urge the inclusion of their fiscal reforms in upcoming legislation. Their letter comes after the national debt surpassed $40 trillion last month, with annual interest payments exceeding $1 trillion just to cover the cost of servicing the debt. On top of that, the United States borrows nearly $2 trillion each year just to cover our financial obligations like Medicare, Medicaid, veterans’ benefits, Social Security, and much more. As government borrowing grows, there will be less money available in the system to help San Diegans afford homes, invest in their businesses, or take out loans. These conditions will soon force Congress and the President to make tough choices about the future of the tax code and vital programs like Social Security. "Failing to act to address our increasing debt will have real consequences for our economy, security, and well-being of American families," the Co-chairs wrote. They urged leadership to include their priorities, as “A strong fiscal foundation is critical to the nation’s long-term economic growth, national security, and our ability to respond to future crises.” The Co-chairs outlined four main proposals for House leadership to consider: 1. A 3% Deficit Target: The Co-chairs have long pushed to reduce annual deficits to 3% of GDP to cut deficits in half relative to the current level. They highlighted that meeting this target would help lower national debt and reassure financial markets. 2. A Bipartisan Fiscal Commission: The Co-chairs recommend forming a commission with input from Members on both sides of the aisle to find legislative solutions to stabilize spending and decrease the national debt. The commission would propose broad fiscal solutions modeled after existing legislative acts. 3. An Annual Fiscal State of the Nation: The Co-chairs encouraged an annual report by the Comptroller General to Congress and the public on the financial position and condition of the government to increase transparency regarding the country’s fiscal health. 4. A National Fiscal Stress Test: The Co-chairs call for yearly assessments of government fiscal resilience against emergencies. The U.S. Department of the Treasury and Office of Management and Budget (OMB) would evaluate preparedness for economic, energy, and security shocks. The Co-chairs wrote that taken together, their recommendations form a comprehensive, bipartisan roadmap for addressing the nation’s fiscal challenges as “the current fiscal trajectory is unsustainable and demands action. ” “ Our nation is confronting debt levels and interest costs that threaten our domestic prosperity and national security,” they concluded . “We must act as soon as possible, and in a bipartisan manner." Read the full letter here . Background: In 2023, Rep. Peters and Rep. Huizenga launched the Bipartisan Fiscal Forum , a coalition of lawmakers from both parties dedicated to addressing the nation's unsustainable federal debt. Over 90 members of Congress, Republicans and Democrats alike, have participated in the Forum's work and helped launch the proposals outlined in the letter—major fiscal reforms that economists and many Americans support. Rep. Peters also serves on the House Budget Committee, where he has pushed for these reforms to fix a broken budget process and tackle the nation's unsustainable debt.