Fox News senior congressional correspondent Chad Pergram has the latest on President Donald Trump and Republican lawmakers working to reduce government spending despite criticism from Democrats on ‘Special Report.’

Let’s not sugarcoat this: the national debt is out of control. We all know it, but nobody wants to budget on how to really fix it.

We’re staring down the barrel of almost $37 trillion dollars in debt and an annual deficit projected to be north of $2 trillion dollars a year. Interest payments alone are projected to exceed $1 trillion a year—more than we spend on the defense budget right now. And that means one thing: the American house is on fire, and we can’t keep pretending it's just a warm fireplace.

As a proud fiscally responsible money guy for the past thirty years, I believe in free markets, personal responsibility, and limited government. But I also believe in arithmetic—and the math is telling us something must give. If we want to preserve American capitalism, keep Social Security and Medicare solvent, and avoid a full-blown fiscal crisis, then yes—we’re going to need more revenue. The question is, where do we get it from every year?

REPUBLICANS SQUABBLE OVER TRUMP SPENDING PLAN AS FISCAL YEAR 2026 LOOMS: ‘STAY UNTIL WE PASS IT’

Do I Like Tax Increases? No. Do We Need One? Probably.

Let’s get something straight. I don’t want to raise taxes. I’d........

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