Golden re-introduces bill to highlight, address national debt

WASHINGTON — Congressman Jared Golden (ME-02) and a bipartisan group of colleagues have re-introduced legislation to increase transparency and provide greater insight about the growing national debt.

The Debt-to-GDP Transparency and Stabilization Act, introduced with GOP Rep. Lloyd Smucker (PA-11), would require the President’s annual budget and congressional budget resolutions to include the ratio of the public debt to the estimated gross domestic product (GDP). The House Budget Committee passed this legislation by voice vote in the 118th Congress. 

“It’s essential that the national debt is front of mind for lawmakers when making decisions about the federal budget,” Golden 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.”

The national debt stands at nearly $39 trillion, according to data from the Treasury Department, and is currently on track to reach 175 percent of GDP by 2056, according to the latest long-term outlook by the Congressional Budget Office. Interest payments on the debt are the fastest-growing line item in the federal budget and already eclipse nearly all social safety net spending. 

Continued unchecked debt growth threatens to crowd out essential services such as Social Security and Medicare. 

“Our national debt is the greatest internal threat to our country,” Smucker said. “Tackling our national debt must be a priority. This legislation increases transparency and creates accountability in Washington to deliver real, tangible solutions. Lawmakers on both sides of the aisle recognize the urgency of addressing the debt crisis, and I’m hopeful this legislation will help correct our fiscal trajectory and ensure our nation’s long-term economic prosperity.”

Additional cosponsors of the Debt-to-GDP Transparency and Stabilization Act include Reps. Don Bacon (R-NE-02), Ben Cline (R-VA-06), Don Davis (D-NC-01), Marie Gluesenkamp-Perez (D-WA-03), Glenn Grothman (R-WI-06), Dan Meuser (R-PA-09), Jimmy Panetta (D-CA-19), Scott Peters (D-CA-50), Tom Suozzi (D-NY-03) and Rudy Yakym (R-IN-02).

This legislation is endorsed by the Committee for a Responsible Federal Budget (CRFB) and Concord Action, two organizations focused on addressing the nation’s debt. 

"The public deserves to know the size and scope of planned debt and deficits,” said Maya MacGuineas, president of CRFB. “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."

“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,” said Dr. Carolyn Bordeaux, executive director at Concord Action. “Concord Action thanks Congressman Smucker and Congressman Golden for their leadership in advancing greater accountability and transparency in the federal budget process.”

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