Renacci and "Bipartisan Working Group" Introduce Fiscal State of the Nation

Press Release

U.S. Reps. Jim Renacci (R-OH), Derek Kilmer (D-WA), Larry Bucshon (R-IN), John Carney (D-DE), and 20 additional bipartisan members introduced an initiative - the Fiscal State of the Nation, H. Con. Res. 140 - through their "Bipartisan Working Group" (BPWG). BPWG is an ongoing group of bipartisan members who meet on a weekly basis.

Today, the United States has a national debt that is over $19 trillion, and according to the Committee for a Responsible Federal Budget (CRFB), our nation's annual deficits will triple by the year 2026. This bill would bring the chief auditor of our nation to address a Joint Session of Congress on our country's fiscal health.

"We need to begin to get serious about our fiscal future and lawmakers must fully understand the financial statements of the United States in order to adequately address these issues. That is why this bill is an important first step to educate lawmakers and Americans so we can work towards finding a solution - ensuring that we do not burden our children and grandchildren with our massive debt. Our fiscal health is not a partisan issue and we need to start taking control," Renacci stated.

"For a number of years, I avoided stepping on a scale because I was about 90 pounds heavier than I am now. Eventually, I figured out that you can't get a handle on things by being blissfully ignorant. Occasionally you've got to step on that scale. That's the ethic this bill embraces," said Kilmer. "It simply says that, if we're going to get a handle on our long-term fiscal challenges and have an economy that works better for everyone, we've got to occasionally hear a clear statement of the problem from a non-partisan, unbiased source. Making progress on tough issues like this requires clear eyes and a willingness to work for common ground. That's why the Bipartisan Working Group is so important."

"The national debt is out-of-control and unsustainable," said Bucshon. "Washington, D.C. desperately needs to have an honest conversation about the drivers of the debt and about the best solutions regarding how we solve the problem. Inaction is unacceptable. I'm proud to support this measure as an important step in the conversation about balancing our nation's finances and putting our economy on a path to prosperity."

"The first step to fixing a problem is knowing how big the problem is. Our country's debt has spiraled so far out of control that most people don't realize just how bad it's gotten. This legislation is a common sense step to making sure we know the extent of the problem so we can better address it," Carney said.

Maya MacGuineas, President of CRFB, said, "The Government Accountability Office has been warning for years that our nation is on an unsustainable fiscal course. The Fiscal State of the Nation resolution would draw much needed attention to these warnings and hopefully spur Congress to take action."

"I commend Rep. Renacci for introducing this legislation. I believe it is wholly appropriate for the Comptroller General of the United States to make an annual presentation of the state of the Union's finances. This is a critically important subject and the Comptroller General is the right non-partisan professional to perform this function," said Dave Walker, former Comptroller General and current CRFB board member.