U.S. Reps. Andy Barr (R-KY) and Scott Peters (D-CA) reintroduced legislation that seeks to create an annual report to enhance bipartisan oversight of the country’s finances.
The Fiscal State of the Nation Act (H.R. 7026) would require the Comptroller General of the United States to present an annual, nonpartisan presentation to a joint hearing of the House and Senate Budget Committees regarding the financial state of the nation as well as future trends. The joint hearing would also be open to all members of Congress who wish to attend.
The presentation would be made up of data from the Government Accountability Office’s (GAO) auditor report, with details about U.S. government financial statements and future financial outlook. While some of this data is available online, it is buried across hundreds of financial statements on different agency websites. The passage of this bill would give Congress access to full data and analysis from the Comptroller General of the United States and the GAO.
“I am proud to lead this critical legislation alongside Rep. Peters to ensure Congress has clear, concise, and nonpartisan information about the financial state of our nation,” Barr said. “With better data and greater transparency, lawmakers can make more informed decisions to control spending and work toward reducing the deficit.”
The lawmakers said that the need for fiscal accountability has never been more urgent with the U.S. national debt nearing $40 trillion.
“Our national debt is out of control, and our annual deficits are now worse than they were during the Great Depression. All this borrowing means less money is available in the system to help San Diegans afford homes, invest in their businesses, or take out loans. The Fiscal State of the Nation Act will cut through the noise of biased information Members of Congress receive every day and instead give us a sober and thorough analysis of how current and future policies influence our fiscal health,” Peters said.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget called it a necessary step toward accountability.
“With federal debt already as large as the economy and projected to rise to 120 percent of GDP by 2035, Congress would benefit from a regular reminder to confront the numbers and the tradeoffs required to address them,” MacGuineas said.
A recent survey by the Harris Poll on behalf of the American Institute of CPAs (AICPA) found that 81 percent of Americans would support an annual report to Congress provided by the U.S. Comptroller on the audited financial statements of the nation. About 38 percent said they strongly agree.
Further, the survey also revealed that 89 percent of registered voters said elected officials should have a full understanding of the long-term financial obligations of the federal government. In addition, 84 percent said they are concerned about the national debt affecting future generation’s economic opportunities, with 43 percent indicating they are “very concerned.”
“As shown by the survey results, a significant majority of Americans are concerned with the nation’s fiscal health affecting future generations and would support this transparency measure. By requiring an annual report on the federal government’s consolidated financial statements to Congress, this legislation ensures that policymakers have the information needed to make sound decisions for our country’s future. We appreciate the leadership of Representatives Barr and Peters on this critical issue and we strongly urge Congress to move this bipartisan measure forward,” Mark Koziel, president and CEO of the American Institute of CPAs, said.