Bipartisan Bill Aims to Increase National Debt Transparency

Washington, D.C. – Representatives Lloyd Smucker (R-PA-11) and Jared Golden (D-ME-02) have introduced the Debt-to-GDP Transparency and Stabilization Act, legislation designed to increase transparency regarding the nation’s growing national debt. The bill mandates that the President’s annual budget submission and congressional budget resolutions include the ratio of the public debt to the estimated gross domestic product (GDP).

Addressing the National Debt

Rep. Smucker emphasized the significance of the national debt as a threat to the country, stating, “Our national debt is the greatest internal threat to our country. Tackling our national debt must be a priority. This legislation increases transparency and creates accountability in Washington to deliver real, tangible solutions.”

Congressman Golden echoed this sentiment, highlighting the importance of readily available debt information for lawmakers. “It’s essential that the national debt is front of mind for lawmakers when making decisions about the federal budget,” he said. “Equipping Congress with more information about bills’ impact on the debt will enable more informed lawmaking, and I’m encouraged by the strong bipartisan support for this easy solution.”

Bipartisan Support and Endorsements

The Debt-to-GDP Transparency and Stabilization Act has garnered support from a diverse group of legislators, including Representatives Bacon (R-NE-02), Cline (R-VA-06), Don Davis (D-NC-01), Gluesenkamp-Perez (D-WA-03), Grothman (R-WI-06), Meuser (R-PA-09), Panetta (D-CA-19), Peters (D-CA-50), Suozzi (D-NY-03), and Yakym (R-IN-02).

Several organizations have also voiced their support for the bill. The Committee for a Responsible Federal Budget (CRFB), the National Taxpayers Union, Concord Action, and Americans for Prosperity have all endorsed the legislation.

Maya MacGuineas, President of the CRFB, stated, “The public deserves to grasp the size and scope of planned debt, and deficits. Requiring congressional and presidential budgets to include debt and deficit figures relative to the size of the economy, as in this bill, would help the public and lawmakers understand the fiscal goals in such budgets.”

Thomas Aiello, Vice President of Federal Affairs at the National Taxpayers Union, added, “Our country is barreling towards a fiscal crisis and we need to leverage every tool in the toolbox to identify, report, and tackle the problem before it’s too late. NTU is proud to support the Debt-to-GDP Transparency and Stabilization Act as a way to continue to shine the light on our reckless spending habits relative to our economy.”

Dr. Carolyn Bordeaux, Executive Director of Concord Action, noted the bill’s common-sense approach, stating, “The Debt-to-GDP Transparency and Stabilization Act is a common-sense step to ensure that both Congress and the President clearly present our nation’s debt as a share of the overall economy, one of the most widely used indicators of fiscal health.”

Kurt Couchman, Senior Fellow in Fiscal Policy at Americans for Prosperity, emphasized the importance of acknowledging the current fiscal situation, saying, “Admitting the budget is off-track is the first step to turning it around. Representatives Smucker and Golden’s Debt-to-GDP Transparency and Stabilization Act will help Congress face up to a stark reality.”

Related Legislative Efforts

This legislation builds upon previous efforts by Rep. Smucker to address the national debt. He previously introduced a bipartisan resolution establishing a goal of reducing the deficit-to-GDP ratio to 3% by 2030, and reintroduced the Debt Solution and Accountability Act to enhance transparency regarding the debt limit.

The House Budget Committee previously passed similar legislation in the 118th Congress.