Smucker Introduces Bipartisan Resolution Setting 3% Deficit Target to Stabilize National Debt
WASHINGTON – Rep. Lloyd Smucker (PA-11), the Vice Chair of the House Budget Committee, joined his colleagues in introducing a resolution expressing the sense of the House of Representatives that the federal unified budget deficit should be reduced to 3 percent of GDP or less by 2030. The resolution sets a clear goal to change America’s fiscal position.
The bipartisan resolution, introduced by Reps. Lloyd Smucker (R-PA), Bill Huizenga (R-MI), Scott Peters (D-CA), and Mike Quigley (D-IL), states that it is the sense of the House that the United States should “reduce and maintain the Federal unified budget deficit at or below 3 percent of Gross Domestic Product (GDP).”
“We are on an unsustainable fiscal path, and the window to change course before risking a sovereign debt crisis is rapidly closing. But this challenge is still solvable—and setting a realistic fiscal target that has bipartisan buy-in is critical to putting our nation back on stable footing,” said Rep. Smucker (PA-11). “This resolution builds on ongoing efforts in Congress to address the national debt by establishing a bipartisan benchmark for responsible fiscal governance. Reducing our budget deficit to 3 percent of GDP or less is an achievable goal that, if reached, would have a great impact on stabilizing our debt and growing our economy. Our debt is the greatest long-term threat to our nation, and fixing our fiscal trajectory is essential to securing America’s economy for generations to come.”
The U.S. national debt currently stands at nearly $39 trillion, nearing historic levels as a percent of GDP, and interest payments on the debt alone have surpassed total spending on both defense and Medicare.
In Fiscal Year 2025, and in every year since 2001, our nation’s spending has outpaced national revenue, posing a serious long-term threat to our economic sovereignty. Reducing the deficit to 3 percent of GDP would help strengthen long-term economic stability and improve America’s fiscal outlook. The goal would cut the current deficit rate of around 6% by half, lower inflation, and reduce costs of goods for Americans.
“The 3% Resolution demonstrates that Members of Congress from both sides of the aisle recognize not only the unsustainable trajectory of our national debt, but the urgency in which it needs to be addressed as well,” said Rep. Bill Huizenga (R-MI). “This resolution sets a fiscal benchmark and emphasizes a disciplined budget process. Adopting this measure will help prioritize federal spending today while protecting the financial wellbeing of the next generation of Americans. This is not an aspirational target; it is the minimum standard necessary to preserve America’s long-term economic security.”
"Our country borrows nearly $2 trillion every year just to pay our expenses. As government borrowing grows, there will be less money available in the system to help San Diegans afford homes, invest in their businesses, or take out loans. We cannot let bad fiscal policy crowd out working families. In order to get America's fiscal house in order, we need to clearly define what success looks like. If we reduce our annual borrowing to 3 percent of the total size of our economy, we will set a goal and benchmark we can look at every year to evaluate: are we doing better or worse than last year? I look forward to working with my colleagues to pass this resolution and make clear Congress is serious about getting our economy back on track," said Rep. Scott Peters (D-CA).
“Years of reckless budgeting have brought the national debt to an unsustainable level. If left unchecked, interest on the debt will crowd out spending on defense, health care, and every other government service,”said Rep. Mike Quigley (D-IL)“We must establish aggressive, realistic goals like a 3 percent deficit-to-GDP ratio to reign in our nation’s debt and ensure future generations are not handed a fiscal crisis.”
The following organizations endorse this resolution: Committee for a Responsible Federal Budget (CRFB), National Taxpayers Union Foundation, Bipartisan Policy Center (BPC) Action, and more.
“This resolution is a first step toward fixing our fiscal trajectory and will help build bipartisan consensus in favor of a sustainable budget framework. A fiscal goal should be aggressive enough to help fix the problem but realistic enough to be achievable, which is exactly what this resolution encourages. I am hopeful that this resolution will serve as a catalyst toward reducing deficits and I commend Representatives Huizenga (R-MI), Peters (D-CA), Smucker (R-PA) and Quigley (D-IL) for introducing it. Policymakers should get to work on putting in place the necessary policies to get the national debt on a downward sustainable path, taking no options off the table.”— Maya MacGuineas, President, Committee for a Responsible Federal Budget
“Reining in the deficit is essential for protecting taxpayers and preserving economic opportunity. This bipartisan resolution by Reps. Bill Huizenga (R-MI) and Scott Peters (D-CA) establishing a 3 percent deficit-to-GDP goal over five years provides a meaningful benchmark for getting our fiscal house in order. The best way to meet this target is for Congress to pursue thoughtful, long-term spending reforms and tax policies that encourage investment, work, and innovation. The resolution also gives the Congressional Budget Office an important role in assessing how major legislation would affect progress toward meeting these deficit-reduction goals, helping to keep lawmakers on track.” — Demian Brady, Vice President of Research, National Taxpayers Union Foundation
“The nation’s large and growing debt hurts everyday Americans — driving up costs for families and weighing down future growth. By rallying around a 3%-of-GDP deficit target, Representatives Peters, Huizenga, Smucker, and Quigley are charting a bipartisan path toward a brighter economic future. BPC Action urges Congress to get serious about our unsustainable debt and adopt this goal.”— Michele Stockwell, President, BPC Action
See What They Are Saying HERE.
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