Smucker Applauds Committee Passage of Fiscal Commission Legislation

Washington—Rep. Lloyd Smucker (PA-11), a senior member of the House Budget Committee, applauds the passage of H.R. 5779 legislation creating a fiscal commission during a markup meeting of the House Budget Committee. During the meeting, the committee also favorably reported legislation introduced by Smucker, H.R. 6957, the Debt-to-GDP Transparency and Stabilization Act.

Smucker also joined House Budget Committee Chairman Rep. Jodey Arrington (TX-19) at a press conference urging the creation of a fiscal commission.

“There is no doubt that our nation’s $34 trillion national debt and fiscal trajectory pose an existential threat to America’s future, and I think establishing a fiscal commission is our best chance of addressing it. We know this is going to be tough work, but it can be done. We can change our fiscal trajectory and ensure the promise of America for future generations,” said Rep. Smucker.

Click here to watch Rep. Smucker’s comments from the press conference.

Background on Smucker’s advocacy for a fiscal commission:

• In November 2023, Rep. Smucker testified to the House Budget Committee advocating for the need to establish a fiscal commission. Smucker offered comments in favor of creating a commission, based on his experience serving as a member of a successful commission during his time as a State Senator in the Pennsylvania General Assembly.
• A Smucker proposal to create a fiscal commission was included in the Fiscal Year 2024 Concurrent Budget Resolution advanced during a September 2023 markup of the House Budget Committee.

Smucker Bipartisan Legislation Advanced in Markup

Bipartisan legislation that Smucker introduced with Rep. Jared Golden (ME-2), H.R. 6957, Debt-to-GDP Transparency and Stabilization Act, was reported by the Budget Committee. Click here to watch Rep. Smucker’s comments on his legislation.  

In comments, Smucker noted: “My bill is very simple. It requires the president’s annual budget submission to Congress and any concurrent resolution on the budget to include a ratio of the public debt to the estimated gross domestic product, also known as the “debt-to-GDP” ratio. The purpose of this requirement is to provide greater transparency and insight into the government’s approach to managing public debt in relation to the overall economic output of the United States.”

Background on H.R. 6957, Debt-to-GDP Transparency and Stabilization Act:

• Given the Nation’s unsustainable debt and record spending, greater transparency regarding the status of public debt is imperative.
• The Debt-to-GDP Stabilization Act requires that the President's annual budget submission to Congress and any concurrent resolution on the budget include the current ratio of the public debt to the estimated gross domestic product (GDP).
• The purpose of this requirement is to provide greater transparency and insight into the government's approach to managing public debt in relation to the overall economic output of the United States.

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