U.S. Sen. Todd Young (R-IN) on July 27 introduced the bipartisan Time to Rescue United States’ Trusts (TRUST) Act of 2020 to rein in the national debt, which as of today totaled nearly $26.6 trillion.
“By including the TRUST Act in the next phase of coronavirus relief legislation,” Sen. Young said, “we can set in motion a bipartisan national plan to finally begin tackling the long-term drivers of our national debt once we get through this crisis.”
Sen. Young cosponsored S. 4323 to save and strengthen critical social contract programs of the federal government, according to the text of the bill. Thirteen other original cosponsors joined him, including U.S. Sens. Shelley Moore Capito (R-WV), Rob Portman (R-OH), Martha McSally (R-AZ), Mike Rounds (R-SD), and Joe Manchin (D-WV). The measure is sponsored by U.S. Sen. Mitt Romney (R-UT).
“As we continue to confront the coronavirus pandemic, we must ensure our schools and employers can safely reopen and our healthcare providers have the resources they need to fight this virus,” said Sen. Young. “At the same time, we need to lay the foundation for restoring fiscal health through economic growth and fiscal responsibility.”
If enacted, S. 4323 would require the U.S. Treasury Department to deliver to Congress a report on the government’s major, endangered federal trust funds by the beginning of January 2021, according to a bill summary provided by Sen. Young’s office.
The measure also would task congressional leaders with appointing members to serve on “Rescue Committees” — one per trust fund — to draft legislation that would restore solvency to each trust fund program. The proposals would receive expedited consideration in both chambers, according to the summary.
The bill is endorsed by the National Commission on Fiscal Responsibility and Reform, the Committee for a Responsible Federal Budget, the Brookings Institution, and the Progressive Policy Institute’s Center for Funding America’s Future.
A bipartisan group of 60 members of the U.S. House of Representatives also supported the legislation in a June 1 letter sent to their chamber’s leadership calling for its inclusion in a forthcoming COVID-19 relief package.