3B

Dear ,

Paying Interest on $1.95 Trillion: Forgotten and Unused Funds

I have consistently put forward ideas and legislation to help pay for the reconciliation budget. This includes proposals to reform Medicare Advantage, introduce a talent-based immigration system, and—most recently—the Forgotten Funds Act, a bill I introduced last week that would save taxpayers billions of dollars.

Let me give you a terrifying number: $1.95 trillion. That’s how much unobligated discretionary federal funding was sitting idle at the end of FY2024. Money Congress approved. Agencies didn’t touch. No contracts. No commitments. Just... sitting there. For perspective: when I first introduced this bill in 2011, the unobligated pot was “only” $703 billion. We’ve nearly tripled the government’s uncommitted slush pile in just over a decade.

So here’s what my bill does—and it’s so painfully reasonable that it’s scandalous it hasn’t already passed: it rescinds any discretionary, unobligated federal funding that’s been untouched for five consecutive fiscal years. If you didn’t need it for five years, you don’t get to keep it.

This is not about cutting anyone’s Social Security check. It’s not about slashing Medicare. It’s about basic fiscal hygiene. We are borrowing nearly $6 billion a day, and the American people are being crushed by the weight of interest payments on money we didn’t even use.

We are on track to borrow $22 trillion in the next 10 years. Interest alone could consume 30% of all federal tax receipts by the 2030s. And every 0.1 percentage point rise in borrowing costs? That’s $300 billion more in interest.

Last week, I took to the House floor with a simple message: we’re borrowing over $6 billion a day, and the math says it only gets worse. Within the decade, we’ll be borrowing nearly 9% of our entire GDP every year. That’s not political. It’s not ideological. It’s a fiscal death spiral.

This crisis isn’t fueled by partisan squabbling—it’s demographics, exploding entitlement spending, and the brutal weight of rising interest payments. So I’m doing what Congress hates: proposing real reforms. Because if we don't act, the bond markets will.

See below for some more highlights from the speech:

Recognizing Some Amazing Citizens of AZ-01

Last week, I had the absolute pleasure of hosting students from Brophy College Prep, Notre Dame Preparatory,  here in D.C.— two fantastic schools from our district producing the next generation of thinkers, leaders, and (hopefully) fiscal realists.

It was also a full-circle moment: one of my current interns is a proud alum of Notre Dame, helping lead the visit. That’s the kind of community connection that makes public service worth it.

To the students: you asked thoughtful questions, you brought energy, and you reminded me why we have to keep doing the hard, honest work—because you’ll inherit what we build or fail to fix.

Better, Faster, Cheaper: How Innovation is Expanding Optimism for the Future

Many of you know my fascination with innovation and the further implementation of technology into different facets of countless industries. Up-and-coming innovation is extensive, and luckily, there are thousands of scholarly studies and research pieces being released daily that expand on progress of these projects. Not enough members of Congress take the time to capitalize on how these innovative advancements actually promote the health and well-being of our society. This segment dives deeper into technological implementations that are actively making life better and cheaper for our brothers and sisters.

Do you have any general questions that I can help answer? Do not hesitate to reach out to my offices at (202) 225-2190 or (480) 946-2411.

Thank you for taking the time to read this update on my latest work in Washington, D.C. and Arizona’s First Congressional District! If you have any comments or concerns, I encourage you to reach out to my office.

Sincerely,

David Schweikert