Washington, D.C.—Today, Congressman Andy Barr (R-KY) and Congressman Scott Peters (D-CA) reintroduced the Fiscal State of the Nation Act, which seeks to create an annual report to enhance bipartisan oversight of our nation’s financial health. With the U.S. national debt nearing $40 trillion, the need for fiscal accountability has never been more urgent. However, it is difficult for lawmakers to address the deficit without access to impartial and accurate data.
This legislation would require the Comptroller General of the United States to present an annual, nonpartisan presentation to a joint hearing of the House and Senate Budget Committees regarding the financial state of our nation and its future trends. The joint hearing would also be open to all other Members of Congress who wish to attend.
The presentation would consist of data from the Government Accountability Office’s (GAO) auditor report, with explicit details about U.S. government financial statements and future financial outlook. While some of this GAO data is available online, it is buried across hundreds of financial statements on different agency websites. Passage of the Financial State of the Nation Act would give Congress access to full, nonpartisan data and analysis from the Comptroller General of the United States and the GAO.
“I am proud to lead this critical legislation alongside Rep. Peters to ensure Congress has clear, concise, and nonpartisan information about the financial state of our nation,” said Congressman Barr. “With better data and greater transparency, lawmakers can make more informed decisions to control spending and work toward reducing the deficit.”
"Our national debt is out of control, and our annual deficits are now worse than they were during the Great Depression. All this borrowing means less money is available in the system to help San Diegans afford homes, invest in their businesses, or take out loans. The Fiscal State of the Nation Act 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," Rep. Peters said.
“With federal debt already as large as the economy and projected to rise to 120 percent of GDP by 2035, Congress would benefit from a regular reminder to confront the numbers and the tradeoffs required to address them. Representatives Peters (D-CA) and Barr (R-KY) deserve credit for reintroducing the Fiscal State of the Nation Act, which would institutionalize an annual bicameral fiscal check-in led by the Budget Committees and the Comptroller General. A consistent, nonpartisan hearing will not solve the debt on its own, but it is a necessary step toward accountability and developing practical, actionable solutions,” said Maya MacGuineas, President, Committee for a Responsible Federal Budget.
“Our nation’s fiscal health is a fundamental part of its continued growth, prosperity and security. The Fiscal State of the Nation Act represents a critical step towards greater transparency, providing a deeper understanding of the long-term economic impact of current and future policies,” said Mark Koziel, President and CEO of the American Institute of CPAs. “By requiring an annual report on the federal government’s consolidated financial statements to Congress, this legislation ensures that policymakers have the information needed to make sound decisions for our country’s future, and we thank Rep. Barr and Rep. Peters for their dedicated leadership on this important issue.”