WASHINGTON— Representative Scott Peters (D-CA-50) introduced the Fiscal State of the Nation Act, bipartisan legislation to ensure Congress is provided an annual, nonpartisan report on the nation’s fiscal health; promote greater transparency; and safeguard our country’s long-term financial stability.

When drafting legislation, lawmakers should be equipped with the most current and impartial data on the federal budget. However, when this information is buried in hundreds of pages of financial statements on agency websites, it’s easier for Members of Congress to learn about our budget elsewhere, often from biased and less reliable sources. The Fiscal State of the Nation Act would require the Comptroller General to present the Financial Report of the United States Government to an annual joint hearing of the House and Senate Budget Committees, open to all Members of Congress.

Representative Peters was joined by Reps. Blake Moore (R-UT-1), Andy Barr (R-KY-6), and Jimmy Panetta (D-CA-19) in introducing the legislation.

“It is as clear as ever that we need to deal with our national debt in a responsible and nonpartisan manner,” said Rep. Peters. “This legislation will cut through the noise of biased information Members of Congress receive every day and instead give us a sober and thorough analysis of how current and future policies influence our fiscal health. I look forward to marking up this legislation, a version of my Fiscal State of the Nation Resolution, in the Budget Committee and sending it to the House floor.”

“As the stewards of taxpayer dollars, this commonsense legislation will hold Members of Congress accountable to the American people for how they spend federal funds,” said Rep. Moore. “At a time when our national debt is the highest it has ever been, the Fiscal State of the Nation Act will communicate the scope of the budgetary challenges we face and the need for bipartisan reforms that reduce deficits and balance America’s checkbook.”

"Understanding one’s assets, expenses, and revenues is something American people do on a daily basis. Yet, year after year, Congress struggles with this simple concept, instead opting for convoluted reports on our own fiscal state," said Rep. Barr. "This lack of straightforward information leaves lawmakers unprepared to pass legislation that addresses the real needs of the American people, often leading to an ineffective use of Americans’ hard-earned taxpayer dollars. That's why I'm proud to lead this bipartisan effort with Reps. Moore, Peters, and Panetta to bring clarity and efficiency to our budget process."

“As our nation’s debt and deficits get to a point where they threaten our financial future, Congress needs to step up when it comes to our duties and oversight of our nation's fiscal health,” said Rep. Panetta. “The bipartisan, bicameral Fiscal State of the Nation Act would help Congress fulfill its responsibilities by providing us with detailed, nonpartisan information and analysis of America’s finances. This legislation would not only allow us to be better informed, it would help us govern when it comes to making decisions about our nation’s financial stability.”

The text of the legislation can be found here.

###