Check out H.R. 41. No one is really talking about it.
Whereas the Federal Government is operating at an annual deficit and is increasing its outstanding debt every year;
Whereas the Federal Government, as of January 2015, is carrying more than $18.0 trillion in debt, of which $13.0 trillion is owed to the public and $5.08 trillion is owed to Social Security and other trust funds;
Whereas foreign governments, individuals, and corporations as of October 2014 own 47 percent of Federal debt held by the public;
Whereas Social Security’s unfunded liabilities in 2014 are $10.6 trillion over 75 years and $24.9 trillion over the infinite horizon;
Whereas the Federal debt held by the public is expected to increase by more than $7 trillion from 2014 to 2024 according to the Congressional Budget Office;
Whereas more than 16 percent of the entire Federal budget goes directly to States and local governments;
Whereas more than 22 percent of total State and local government general revenue comes from the Federal Government according to Census Bureau’s latest Annual Survey of State and Local Government Finance;
Whereas several State and local pension plans are expected to fully exhaust their funds within ten years.
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