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Debt Management and Fiscal Responsibility Act

Floor Speech

Date: Oct. 21, 2015
Location: Washington, DC
Issues: Government Budget and Spending

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Mr. MARCHANT. Mr. Speaker, our national debt now stands at more than $18 trillion. If current law remains unchanged, the CBO projects Federal debt can exceed $50 trillion in our lifetime. This cannot be sustained.

That is why I have introduced the Debt Management and Fiscal Responsibility Act. This bill provides early and clear-eyed assessment of the debt well before even reaching the statutory debt limit.

Under this bill, the Treasury Secretary would report on three items: first, the national debt and debt protection; second, debt reduction proposals; and, third, regular progress reports to Congress on debt reduction. All of this information would be made readily available to the public.

The national debt is a shared responsibility, and it will take a shared executive legislative approach to reduce it. We can no longer afford to put $18 trillion on autopilot. Let's deal with it head-on and find a responsible measure to retire the debt before it is too late.

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