U.S. Reps. Jim Renacci (R-OH) and Larry Bucshon (R-IN) joined a bipartisan group of lawmakers in introducing a resolution that aims to bring transparency to the strained fiscal position of the federal government brought on by nearly $20 trillion in national debt.
The Fiscal State of the Nation Resolution would require the comptroller general to outline the fiscal health of the federal government before a joint session of Congress in an effort to bring greater clarity to the nation’s long-term financial constraints.
Renacci and Bucshon introduced the bill with Derek Kilmer (D-WA), Kathleen Rice (D-NY), and 31 additional members of the House as co-sponsors.
“This resolution is meant to be a wake-up call,” Renacci, a member of the House Budget Committee, said. “We need to get serious about our fiscal future, and lawmakers must fully understand the financial statements of the United States in order to adequately address these issues. That is why this resolution is an important first step to educate lawmakers and Americans so we can work towards finding a solution — ensuring that we do not burden our children and grandchildren with our massive debt.”
The resolution resulted from Renacci and Bucshon’s work with the Bipartisan Working Group, a group of lawmakers that meets on a weekly basis to advance bipartisan legislative initiatives.
“The national debt is out-of-control and unsustainable,” Bucshon said. “Washington, D.C., desperately needs to have an honest conversation about the drivers of the debt and about the best solutions regarding how we solve the problem. Inaction is unacceptable. I’m proud to support this measure as an important step in the conversation about balancing our nation’s finances and putting our economy on a path to prosperity.”
Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, said federal debt represents the largest portion of the economy since just after World War II.
“Unlike the situation then, current debt levels are projected to continue rising unsustainably,” MacGuineas said. “Lawmakers need to take action soon to correct our nation’s fiscal course.”