Cole Remarks at FY25 Subcommittee Allocations Markup

Our first order of business is consideration of the interim 302(b) subcommittee allocations for Fiscal Year 2025.

The Committee circulated interim 302(b) allocations to you all last week.

Yesterday, we became aware that receipts were higher than expected in a couple of the bills.

The amendment allows us to even out those funds and put them to good use for the American people.

These interim allocations will allow us to begin our work.

There are many challenges to our nation’s balance sheet.

First, we can’t overlook that the government of the United States is more than thirty-four trillion dollars in debt. The Congressional Budget Office estimates that our public debt will exceed the annual economic output of the entire country as soon as next year. It also estimates that interest costs alone will exceed defense spending this year.

Clearly, we are on an unsustainable path.

An honest accounting of our fiscal state shows that mandatory spending is the main driver of our budgetary crisis, not discretionary spending. But we must still do our part to be good stewards of taxpayer dollars.

Second, I would remind you all that the Fiscal Responsibility Act is the law of the land. In the absence of a superseding budget deal, the Fiscal Responsibility Act represents the spending numbers we must live with—and our bills will reflect that.

These allocations not only demonstrate responsible governance and the safeguarding of hard-earned tax dollars, but they also represent our core commitments: to strengthening our national defense, supporting the safety and security of the American people, fully funding health care for our nation’s veterans, and ensuring that the government remains focused on its core mission.

I look forward to a robust debate today, and I urge all members to support these 302(b) allocations.