Representative Rich McCormick (R) has announced the introduction of the Incentivize Savings Act, a groundbreaking piece of legislation aimed at addressing the nation's unsustainable fiscal trajectory and tackling the national debt.
Federal agency spending has increased by 51.7% from fiscal year (FY) 2019 to FY 2024, and deficit spending has risen by 85.9% over the same period. McCormick believes that our current system is broken because of numbers like these, and a new angle is required.
The Incentivize Savings Act will incentivize federal agencies and employees to identify savings, rather than the current structure that encourages them to spend all appropriated funds.
Under this legislation, if an agency does not spend all the money appropriated to it within a given timeframe, the unspent funds will be distributed as follows: 49% will be used to pay down the national debt, 49% will remain appropriated to the agency for an additional year, and 2% will be used for agency retention bonuses.
Since the start of the second Trump administration this year, the Department of Government Efficiency has already saved the federal government $205 billion, or roughly $1,273.29 per taxpayer.
This bill will build upon these efforts by providing a long-term solution to encourage fiscal responsibility across all federal agencies. McCormick commented on this bill, calling it a common-sense solution that will create a new culture around spending in the federal agencies.
"Our nation's fiscal situation is on a horrible, unsustainable trajectory. We cannot continue to spend money we don't have and burden future generations with an ever-growing national debt.," McCormick said, calling the Incentivize Savings Act "a commonsense solution that rewards federal agencies for finding savings and using taxpayer dollars more efficiently.” “By paying down the debt, allowing agencies to retain unspent funds, and providing retention bonuses, we can create a culture of fiscal responsibility in Washington."
The Representative posted a video on X, advertising the bill and explaining its basic functions.
Washington rewards waste. My Incentivize Savings Act flips the script, rewarding agencies that save YOUR tax dollars instead of burning them. It’s time for fiscal responsibility and sanity! pic.twitter.com/EB10mdqzUh
— Congressman Rich McCormick, MBA MD (@RepMcCormick) September 17, 2025
