U.S. Sen. Mike Braun (R-IN) and U.S. Rep. Tom Emmer (R-MN) recently introduced legislation that seeks to address federal spending growth in the coming decades through flexible budget caps.
The Responsible Budget Targets Act (RBTA) creates a formula that fluctuates with the expansion or contraction of the nation’s economy and could place the country in a position to balance the federal budget, excluding debt, in 15 years.
“We need to put a cap on the Biden Administration’s reckless and irresponsible spending and get our nation back on the path of prosperity,” Braun said. “As long as the federal government keeps spending money we don’t have, families in Indiana and across the county will continue to suffer.”
On an annual basis, the RBTA would require the Congressional Budget Office (CBO) to forward to Congress a spending cap estimate from the onset of the budget process, with Congress then working within the cap to allocate funds to meet our nation’s most prominent needs and obligations.
“Our national debt ten years ago was $16 trillion,” Emmer said. “Today, that debt has nearly doubled, to over $30 trillion. Our fiscal trajectory as a nation is unsustainable and threatens the future of our children and grandchildren. We can still change course, but we must act now. The Responsible Budget Target Act offers a practical solution to our nation’s spending addiction that will help to balance our budget in the coming decades without causing major disruptions to government services.”