CBO's long-term budget projections back in 2012 were the last time that CBO showed debt declining as a share of GDP.

Our national debt is not only the result of those two economic shocks, of course. It is also the result of repeated rounds of Republican tax cuts that primarily benefited giant corporations and very, very wealthy individuals.

My Republican colleagues complain that I, and my Democratic colleagues, aren't concerned about our nation's fiscal situation...

So, let me just to put this into context, take a look at this graphic here, which shows from 1994 to 2054, how revenue and spending have worked.

the prospect of that creating a shock to the economy along the lines of the 2008 shock or worse, have been repeatedly raised in this Committee.

CBO about 2 months ago released new estimates that project that an extension of the 2017 Trump tax cuts would add $4.6 trillion to the debt over 10 years.

Helping the wealthy avoid taxes is such an infatuation that House Republicans even brought the United States to the brink of default trying to prevent the IRS from cracking down on wealthy tax cheats.

Indeed, CBO found that actual and projected federal health spending over the 2010 to 2033 period was $6.3 trillion, $6.3 trillion lower than predicted, which I attribute to improving quality, and moving to value-based care.

CBO's long-term budget projections back in 2012 were the last time that CBO showed debt declining as a share of GDP.

CBO's long-term budget projections back in 2012 were the last time that CBO showed debt declining as a share of GDP.

My Republican colleagues complain that I, and my Democratic colleagues, aren't concerned about our nation's fiscal situation...

Our national debt is not only the result of those two economic shocks, of course. It is also the result of repeated rounds of Republican tax cuts that primarily benefited giant corporations and very, very wealthy individuals.

Yes. And then here's defense discretionary spending, and then this is non-defense discretionary spending, which as you can see has been fairly constant over all of those years.

Democrats have always pledged to protect and preserve Social Security and Medicare.

Is it a fact, Director Swagel, that projected primary spending, that is federal non-interest spending, is now lower than it was projected to be in 2012?

the growth in healthcare spending has been one of the primary drivers on the spending side.

Your mention of can we agree to a debt to GDP level provokes me to remember my work with Chairman Enzi to find a safe debt to GDP level, a glide slope to get there, and guardrails to assure that we're not cheating on it, and I think that…

the prospect of that creating a shock to the economy along the lines of the 2008 shock or worse, have been repeatedly raised in this Committee