WASHINGTON, D.C. - Today, Representatives Scott Peters (CA-50) and Andy Barr (KY-6) and Senators Kyrsten Sinema (I-AZ) and Joni Ernst (R-IA) reintroduced 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 Resolution  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.

“It is 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 daily and instead give us a sober and thorough analysis of how current and future policies influence our fiscal health. Right now the American people and financial markets want to know that Congress is taking the impending crisis seriously — this is one good step we can take to show them we are.”

"The crucial details concerning the budget of the federal government, including assets, expenses, revenues, and other relevant information, are frequently obscured within lengthy and intricate reports,” said Rep. Barr. “Due to the lack of clear communication, lawmakers find themselves inadequately prepared to tackle the multitude of issues associated with the federal budget. Consequently, this results in inefficient allocation of taxpayer funds and exacerbates the repercussions of a colossal debt, such as inflation. I am proud to lead this crucial, bipartisan effort with Congressman Peters and Senators Sinema and Ernst.”

“Requiring a nonpartisan report of America’s fiscal state ensures Members of Congress are better informed on our debt and deficit so they make more fiscally responsible and economically sound policy decisions – by keeping spending and costs low so Arizonans can keep more of their own money in their pockets,” said Senator Sinema.

“Just as Iowans gather around the kitchen table to balance their budgets, they expect politicians in Washington to do the same,” said Senator Ernst. “That’s why I’m working to ensure members of Congress can take a hard, unbiased look at how their proposed policies may impact our nation’s long-term fiscal health. With over $31 trillion in debt, it’s past time we focus on cutting the pork.”

“With our nation’s debt projected to reach a record 119 percent of Gross Domestic Product by 2033, it is clear that Members of Congress need access to accurate, nonpartisan information on our fiscal outlook,” said Maya MacGuineas, President of the Committee for a Responsible Federal Budget. “Senators Sinema and Ernst, as well as Representatives Peters and Barr, are absolutely right to bring attention to the debt and deserve credit for reintroducing the Fiscal State of the Nation resolution. The House took a good first step by hosting a briefing for lawmakers with the Congressional Budget Office Director earlier this year. The Fiscal State of the Nation would formalize this practice through an annual hearing featuring the Comptroller General, the leader of the Government Accountability Office. Congress should pass this commonsense resolution and agree to establish a regular opportunity to take stock of our fiscal health.”

“It is important that our legislative leaders have a full and unbiased understanding of our nation's financial health,” said AICPA President and CEO, Barry C. Melancon, CPA, CGMA. “The AICPA believes that this reporting can be a valuable tool for our legislators in understanding the long-term economic impact of current and/or future policies and we strongly support this resolution.”

Our national debt has exceeded $31 trillion, making it critical for Members of Congress to fully understand the financial issues facing the United States. In the 117th Congress, the Fiscal State of the Nation Resolution passed through the House by a voice vote. This Congress the bill authors are committed to passing the resolution through both chambers so that it can become law.

Full text of the resolution here.

###