To help rein in the growth of federal spending, U.S. Rep. Tom Emmer (R-MN) on April 6 sponsored a bicameral bill that would set flexible budget targets to balance the federal budget, excluding debt, within 15 years.
“Our national debt 10 years ago was $16 trillion. Today, that debt has nearly doubled to over $30 trillion. Our fiscal trajectory as a nation is unsustainable and threatens the future of our children and grandchildren,” Rep. Emmer said. “We can still change course, but we must act now.”
The Responsible Budget Targets Act of 2022, H.R. 7420, would establish fixed spending limits by using a dynamic formula that fluctuates with the expansion or contraction of the national economy, according to Rep. Emmer’s April 6 statement.
“The Responsible Budget Target Act offers a practical solution to our nation’s spending addiction that will help to balance our budget in the coming decades without causing major disruptions to government services,” said Rep. Emmer.
U.S. Sen. Mike Braun (R-IN) on April 6 introduced his chamber’s version of the same-named bill, S. 4016. The measure has been endorsed by Kurt Couchman, a senior fellow in fiscal policy at Americans for Prosperity.
“I am excited to partner with Senator Braun on this effort, which is a culmination of my work over the past year to return fiscal sanity to Washington,” Rep. Emmer added.