It’s Time To Tackle The Debt

At a time when our national debt is more than $18 trillion, it is more important now than ever that Congress makes the tough but necessary decisions to get our country back on a path to fiscal sustainability.

That is why this past week, my friend, Rep. John Carney (D-DE), and I introduced the Budget Integrity Act. Several members of our Bipartisan Working Group joined us in putting forth this legislation. Our group has 26 members, half Democrats and half Republicans, and we meet once a week over breakfast to work on legislative solutions that both parties can agree on. Getting our country’s fiscal house in order is one of them. We know we are headed down the wrong path, and most Republicans and Democrats agree that something must be done to get us to a place where we aren’t spending more than we’re taking in.

The Budget Integrity Act makes a series of changes to improve the federal budget process by requiring Congress to take into account the long-term consequences of its spending decisions. This bill ties the budget to the debt limit, so that if Congress passes a budget that adds to the debt, the debt limit will be automatically raised by a corresponding amount. This will ensure that Congress’ spending decisions are more closely tied to financial realities. Specifically, it requires long-term cost estimates for legislation with a significant fiscal impact and requires the Congressional Budget Office (CBO) and Office of Management and Budget (OMB) to provide reports on revenue, deficits, and debt over 40 years. Additionally, it requires the Government Accountability Office (GAO) to study the effect of off-balance sheet liabilities.

The federal government has never produced a clean balance sheet. As a CPA and former businessman, it shocks me that the federal government operates year after year without knowing its true assets and liabilities. If a business operated the same way the federal government does, it would be forced to quickly close its doors. That is why last Congress, I introduced the Federal Financial Statement Transparency Act, bipartisan legislation that would lead to a more honest depiction of our nation’s finances. If Members of Congress are provided with a true financial statement, we can more effectively and strategically tackle our country’s growing debt.

The Budget Integrity Act, which is supported by many members of our Bipartisan Working Group, is simply commonsense. Each day, our country accrues more debt and if we don’t act now to address it, our children and grandchildren will be forced to pay for it. Now is the time to tackle our debt.

If you need any additional information or need help with a federal agency, please visit my website at renacci.house.gov or call my Washington office: (202) 225-3876, Wadsworth office: (330) 334-0040, or Parma office: (440) 882-6779. I also encourage you to subscribe to my Facebook, Twitter, and YouTube pages to get updates on my work in Washington and the 16th District.

Jim Renacci

Jim Renacci is serving his third term representing the people of Ohio's 16th District in the United States Congress.

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Volume 7, Issue 6, Posted 8:18 AM, 06.01.2015