U.S. Reps. Jim Renacci (R-OH) and Larry Bucshon (R-IN) joined a Bipartisan Working Group (BPWG) on Tuesday to introduce an initiative to help lawmakers gauge the fiscal health of the nation.
The measure – the Fiscal State of the Nation, H. Con. Res. 140 – which was introduced by members of the BPWG, calls on the comptroller general to provide a presentation to a joint session of Congress regarding the audited financial statements of the executive branch.
“We need to begin 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,” Renacci said. “That is why this bill 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. Our fiscal health is not a partisan issue and we need to start taking control.”
The national debt currently exceeds $19 trillion, and the Committee for a Responsible Federal Budget (CFRB) has warned that the nation’s annual deficits will triple by 2026.
“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 CRFB, said that the Government Accountability Office has been warned for years that the nation is on an “unsustainable fiscal course.”
“The Fiscal State of the Nation resolution would draw much needed attention to these warnings and hopefully spur Congress to take action,” MacGuineas said.