Smucker Introduces Debt Solution and Accountability Act

Washington- Rep. Lloyd Smucker (PA-11) is announcing the introduction of H.R. 2110, the Debt Solution and Accountability Act.

This legislation would require the Treasury Department to provide Congress with a comprehensive report on the national debt's current level and the most significant contributors to the debt. This report would be made public to ensure every administration remains transparent and accountable. The bill would also require the Treasury Department to provide Congress with a Statement of Intent 60 days before increasing the debt limit. The statement must include the Administration's proposals to reduce the national debt. The debt limit is currently suspended by the Bipartisan Budget Act of 2019 and is scheduled to be reinstated on August 1, 2021.

"It is past time for Washington to get its fiscal house in order. The American people deserve to see the full accounting of the impact of increases in our nation's debt. Every presidential administration owes it to the American people to lay bare their plans to address the debt's growing threat to the future of our nation's finances. The decision to increase the debt limit and obligate future generations, our children and grandchildren, to pay back the bills is a decision that should not be made without a full understanding of its true impact. This legislation is an important step on the road back to fiscal sanity in Washington," said Smucker.

The Debt Solution and Accountability Act is supported by the non-profit and nonpartisan free-market public policy organization R Street Institute:

"R Street Institute is pleased to support the Debt Solution and Accountability Act. It is essential that everyone have access to comprehensive information regarding the debt and its economic implications ahead of debt ceiling decisions that could have significant consequences for the long-term fiscal health of our nation. This bill, along with other bipartisan efforts to implement some form of a "Fiscal State of the Nation," are laudable attempts to better educate lawmakers and the public about the serious state of our worsening position relative to the promises Congress has made and the significant risks to our prosperity."

Background:

The debt limit, which is established by Congress, sets constraints on the amount of money the United States Treasury may borrow to meet its obligations. The Congressional Research Service reports Congress has modified the debt limit 98 times since the end of World War II.

The total United States debt is $27,969,779,712,167.83 as of March 22, 2021 or roughly $85,000 per capita.

The Debt Solution and Accountability Act would require a report to be issued no later than sixty days following an increase in the debt limit, to include:

• the historic, current, and projected levels of debt;
• the drivers and composition of future debt; and
• how the United States will meet debt obligations.

Accompanying the report would be a statement of intent, a detailed explanation of:

• proposals of the President to reduce the debt;
• the impact the increased debt limit will have on future government spending, debt service, and the position of the U.S. dollar as the international reserve currency; and
• projections of the fiscal health and sustainability of major entitlement programs (including Social Security, Medicare, and Medicaid).

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