Congressman Bergman from our Fist District participated in a letter addressed to Congress Speaker Pelosi and Leader McCarthy pushing for the Fiscal State of the Nation Resolution. First, "... the Fiscal State of the Nation resolution would increase the transparency of our fiscal situation by requiring GAO to present an annual report to Congress and the country detailing the fiscal health of the nation."(Peters, S. & Arrington, 2020). Creating new data metrics will ultimately impact change the way people think and thus opens a new pathway to disseminate knowledge.
The letter outlines, "Second, we must create mechanisms to help Congress demonstrate greater accountability in navigating the decisions to restore our fiscal health and sustainability."(Peters, S. & Arrington, 2020). It goes on to elaborate, "Third, the federal debt is growing at an alarming pace". COVID is likely to make our fiscal situation worse unless economic activity speeds up enough over a the next 5 years to pay the "future hedging" bill due back.
The letter is supporting something called the Fiscal State of the Nation Resolution in an effort to better gain control over our national debt. They want to keep the budget and debt in the forefront of conversation as the pandemic recedes. The goal is to put mechanisms in place such as budget reporting and debt-to-GDP targets that may help curb future spending and guide budgeting decisions.
What is the Fiscal State of the Nation Resolution?You can read more about the Fiscal State of the National Resolution on the government site (H. CON. RES. 68., 2019) Its mission states, "Providing for a joint hearing of the Committees on the Budget of the House of Representatives and the Senate to receive a presentation from the Comptroller General of the United States regarding the audited financial statement of the executive branch."
Peters, S. & Arrington, J. (June 1, 2020) Letter to Congress on Fiscal State of the Nation Resolution. Retrieved from... https://bergman.house.gov/uploadedfiles/leadership_budget_reforms.pdf?utm_campaign=1993-424