Brooks Supports Cutting the National Debt and Holding the Administration Accountable for Spending
WASHINGTON, D.C.— Today, the House passed H.R. 3442, the Debt Management and Fiscal Responsibility Act, which requires the Administration to appear before Congress prior to each potential debt limit increase and provide testimony and detailed reports on (i) the national debt and its key drivers; (ii) explicit short, medium, and long-term debt reduction proposals; and (iii) progress on debt reduction. Following passage, Congresswoman Susan W. Brooks (R-IN) released the following statement:
“Our national debt is out of control, and today I’m proud to act to increase transparency and accountability to make sure that Congress and the American people are better informed about the debt, its risks and economic impact, as well as steps that we can take to get our financial house in order. We are continually faced with 11th hour ultimatums related to our debt limit. It is unacceptable, and under this proposal, the Administration will be held accountable for providing timely solutions to our growing debt and reporting to the American people our progress in reducing our national debt.”
H.R. 3442 requires the Treasury Secretary to appear before the House Ways and Means Committee and the Senate Finance Committee not more than 60 days and not less than 21 days prior to any date on which the Treasury Secretary anticipates that the nation will reach the debt limit. Before the Committees, the Treasury Secretary shall present the following which will also be made available to the public:
- Debt Report to Congress on (i) the state of the national debt, the historical levels of debt, (ii) current amount and composition of the debt, and future debt projections; and (iii) the Administration’s plans to meet debt obligations in the event that Congress agrees to raise the debt limit.
- Statement of Intent on how the Administration proposes to reduce the debt in the short, medium, and long-term, and the economic impact of an increased debt limit.
- Progress Report on the implementation of the Statement of Intent proposals by the Administration to reduce U.S. debt levels.