Congressman Chris Stewart (R-UT) introduced legislation requiring that the annual Presidential budget provide an estimate of the per taxpayer cost of the deficit and of the public debt.
“Our budget process needs to be reformed and this is a simple idea that could make a big difference. American taxpayers deserve increased fiscal transparency and greater ability to hold their legislators accountable regarding how their money is being spent.” – Rep. Chris Stewart
“The federal debt is on an unsustainable trajectory. It has become clear that better-informed debate is necessary for lawmakers to navigate the broken budget process and finally address our growing deficits and debt. H.R. 5490 would make the budget process more transparent and enable smarter decision-making about our country’s budgetary priorities. I appreciate Representative Stewart’s leadership and commitment to tackling the fiscal crisis we face.” – Ranking Member Womack
More about the bill:
The federal debt, which has eclipsed $23 trillion and continues to rise, is on an unsustainable trajectory. If Congress does not act, the federal debt will reach the highest level in American history as a percentage of the economy.
The Congressional Budget Office (CBO) estimates that by 2049, the federal debt will equal $248,000 per American – almost one million dollars per family of four. CBO also projects that interest payments on the debt will amount to $390 billion in fiscal year 2020, which is 11 percent of federal tax revenue.
Unfortunately, policymakers in Washington, D.C., are not prioritizing the fiscal crisis we face and seem to be ignoring its adverse impacts on the federal budget, our nation’s economy, and the American people.
It has become clear that better-informed debate is necessary for members of Congress to navigate the broken budget process and address the nation’s growing deficits and debt. H.R. 5490 would make the budget process more transparent and enable more informed decision-making about budgetary priorities.
H.R. 5490 increases transparency in the budget process by requiring that the President’s annual budget include the projected dollar cost of deficits per taxpayer, using individuals who file tax returns as the measure.