Senator James Lankford enthusiastically endorsed President-elect Donald Trump’s initiative to establish the Department of Government Efficiency, aimed at prioritizing fiscal discipline and cutting wasteful government spending.
At a Glance
- Senator Lankford supports the formation of the Department of Government Efficiency by Donald Trump.
- The U.S. federal debt stands at approximately $36 trillion.
- Debt service costs are expected to surpass national security spending next year.
- Trump’s fiscal policies aim to lower debt and introduce economic reforms.
Addressing Federal Debt Challenges
Donald Trump, set to assume office, confronts significant challenges in implementing his economic plans due to the daunting federal debt, which now approaches $36 trillion. The Congressional Budget Office projects that debt service costs could exceed $1 trillion next year, potentially surpassing the country’s defense expenditure.
This increase in spending on debt service is putting pressure on other critical sectors like infrastructure and education, where 1 in 5 government dollars are now directed towards repaying debt. As a remedy, Trump has appointed billionaire Scott Bessent as treasury secretary to tackle these mounting economic issues.
We need to defend our values, strengthen us as a nation, and bring prosperity to people that are struggling right now.
I am excited to work with this leadership team, President Trump, and Vice President Vance to get our country back on track. Let’s get to work! pic.twitter.com/oa881RnvB1
— Sen. James Lankford (@SenatorLankford) November 13, 2024
Fiscal Responsibility and Proposed Reforms
In a Newsmax appearance, Lankford voiced strong support for Trump’s initiative to boost fiscal discipline through the Department of Government Efficiency. He highlighted that high interest rates are driving up costs, with Treasury yields escalating from 0.6% in 2020 to 4.4%.
“The biggest issue we face as a nation is our growing national debt and skyrocketing deficits. Nearly three-quarters of our unchecked spending is on auto-pilot and continues to dramatically rise each year. Now is the time to lay out a bold plan to manage our nation’s out-of-control spending, and actually lower the national debt by eliminating the wastefulness and duplication that plague our federal budget. I’m encouraged that reforms are at the forefront of the President’s budget proposal this year, including a responsible glide path to balance the budget in 15 years. I encourage my colleagues to at least read and consider some of these proposals and adopt some of the solutions to lower our spending and put us on a path to lower our national debt. The proposal from the White House is a starting point; it is Congress’ responsibility to appropriate funds for federal programs, conduct rigorous oversight, and address our overspending. In the days ahead I look forward to reviewing the details of the President’s 1400 page budget proposal,” Senator James Lankford said in a statement.
Lankford’s advocacy aligns with Trump’s proposals, including reforms aimed at balancing the budget within 15 years by scaling back on wasteful expenditure. Trump’s focus on renewing the 2017 tax cuts and reducing business tax rates from 35% to 21% is challenged by the high federal debt and the imposition of increased tariffs on imports, designed to spur revenue and alleviate deficits.
Long-Term Impact and Economic Opportunity
The establishment of Opportunity Zones under Trump has been pivotal, attracting $75 billion in investment and generating 500,000 jobs in struggling communities. Deregulatory measures under Trump’s administration are expected to offer annual savings of over $220 billion for American consumers and businesses.
These developments underscore the commitment to a streamlined, efficient government, dovetailing with Lankford’s work on his “Federal Fumbles” report which identifies significant wasteful spending. Lankford’s contributions to addressing the national debt resonate with his recognition as one of the top conservative senators for his efforts.
