Rep. Scott Garrett (R-NJ), Vice Chairman of the House Budget Committee, today applauded House passage of H.R. 3581, the Budget and Accounting Transparency Act. Introduced by Garrett in December as part of a comprehensive set of budget process reform measures, H.R. 3581would bring government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac on-budget and require fair value accounting for federal credit programs.
"If we truly are committed to balancing the budget and paying down our debt, we need to fully disclose all of our existing liabilities. Otherwise, any attempt to correct our country's spiraling debt crisis will be nothing but a desert mirage," said Garrett after the bill passed the House. "The American people are tired of Washington's parlor games; they want to see their leaders be open and honest about the true extent of our debt crisis. This bill not only gets us to a point where we can fully understand the severity of our country's financial troubles, but provides the transparency we so desperately need to prevent runaway spending in the future."