Lubbock Times

Today, House Budget Chairman Jodey Arrington (TX-19) successfully passed three bipartisan bills through the House Budget Committee. These bills aim to address the ongoing issue of the country's unsustainable fiscal trajectory and create a fiscal commission to educate the American people about the scale and consequences of our debt.

The first bill, H.R. 5779, the Fiscal Commission Act of 2023, establishes a bipartisan debt commission consisting of Members of Congress and leaders from the private sector. This commission's primary objective is to identify policies that can reduce the debt, address unfunded liabilities, and bring down our debt-to-GDP ratio. Additionally, it will launch a national public education campaign to inform the American people about the seriousness and unsustainability of our debt.

The second bill, H.R. 6952, the Fiscal State of the Nation Act, seeks to raise awareness about America's fiscal health. It mandates that the Comptroller General present a report to a Joint Session of Congress, highlighting the federal government's balance sheet, trends driving our debt and deficit, and our long-term unfunded liabilities. This will provide a comprehensive overview of the country's financial situation to both lawmakers and the public.

Lastly, H.R. 6957, the Debt-to-GDP Transparency and Stabilization Act, requires the inclusion of current and projected debt-to-GDP ratios in the President's budget and any congressional budget resolution. Debt-to-GDP ratio is widely recognized as a meaningful measure of a country's indebtedness. By considering a nation's ability to service and repay its debt, this ratio encourages discussions about pro-growth economic policies that can contribute to reducing our overall indebtedness.

During a press conference following the markup, Chairman Arrington emphasized the importance of addressing the nation's fiscal challenges and the need for bipartisan cooperation. He stated, "No leader worth their salt can look at the balance sheet of the federal government, CBO's projections, and our unfunded liabilities into the future - $120 trillion over the next 30 years - and not be shaken to their core and stirred in their spirit to do everything they can to make sure that we don't bankrupt the greatest country in the history of humanity. This isn't a Democrat problem or a Republican problem – it's America's problem."

Arrington also recognized the significance of passing bipartisan legislation, stating, "I am so proud of the Budget Committee's hard work, constructive debate, and sense of urgency about making the difficult decisions to make sure we don't become the first generation of leaders to leave this country worse than we found it."

The approval of these bills by the House Budget Committee marks a significant step towards addressing the nation's fiscal challenges. By establishing a bipartisan debt commission and increasing transparency regarding our fiscal health, these bills aim to promote informed decision-making and encourage discussions on pro-growth economic policies.

The next stage for these bills is to move to the House floor for a full vote. If passed, they will proceed to the Senate for further consideration. The importance of addressing the nation's unsustainable fiscal trajectory cannot be overstated, and it is encouraging to see bipartisan efforts being made to tackle this pressing issue.