WASHINGTON, DC - Rep. Smucker (PA-11), Vice Chair of the House Budget Committee, introduced the Debt-to-GDP Transparency and Stabilization Act with Rep. Jared Golden (ME-02).

This legislation would increase transparency and provide greater insight into our nation's growing national debt and require the President's annual budget and congressional budget resolutions to include the ratio of the public debt to the estimated gross domestic product (GDP).

"Our national debt is the greatest internal threat to our country,"said Rep. Smucker (PA-11). "Tackling our national debt must be a priority. This legislation increases transparency and creates accountability in Washington to deliver real, tangible solutions. Lawmakers on both sides of the aisle recognize the urgency of addressing the debt crisis, and I'm hopeful this legislation will correct our fiscal trajectory and ensure our nation's long-term economic prosperity."

"It's essential that the national debt is front of mind for lawmakers when making decisions about the federal budget," Congressman Jared Golden (ME-02) said. "Equipping Congress with more information about bills' impact on the debt will enable more informed lawmaking, and I'm encouraged by the strong bipartisan support for this easy solution."

Additional cosponsors of the Debt-to-GDP Transparency and Stabilization Act include Reps. Bacon (R-NE-02), Cline (R-VA-06), Don Davis (D-NC-01), Gluesenkamp-Perez (D-WA-03), Grothman (R-WI-06), Meuser (R-PA-09), Panetta (D-CA-19), Peters (D-CA-50), Suozzi (D-NY-03), and Yakym (R-IN-02),

The House Budget Committee passed this legislation by voice vote in the 118^th Congress.

This legislation is endorsed by Committee for a Responsible Federal Budget, National Taxpayers Union, Concord Action, and Americans for Prosperity.

"The public deserves to know the size and scope of planned debt and deficits. Requiring congressional and presidential budgets to include debt and deficit figures relative to the size of the economy, as in this bill, would help the public and lawmakers understand the fiscal goals in such budgets."- Maya MacGuineas, President of the Committee for a Responsible Federal Budget

"Our country is barreling towards a fiscal crisis and we need to leverage every tool in the toolbox to identify, report, and tackle the problem before it's too late. NTU is proud to support the Debt-to-GDP Transparency and Stabilization Act as a way to continue to shine the light on our reckless spending habits relative to our economy. We commend introduction of this bipartisan legislation and look forward to helping it reach the president's desk."- Thomas Aiello, Vice President of Federal Affairs at National Taxpayers Union.

"The Debt-to-GDP Transparency and Stabilization Act is a common-sense step to ensure that both Congress and the President clearly present our nation's debt as a share of the overall economy, one of the most widely used indicators of fiscal health. Concord Action thanks Congressman Smucker and Congressman Golden for their leadership in advancing greater accountability and transparency in the federal budget process."- Dr. Carolyn Bordeaux, Executive Director, Concord Action

"Admitting the budget is off-track is the first step to turning it around. The second step is making it possible to change what isn't working. Representatives Smucker and Golden's Debt-to-GDP Transparency and Stabilization Act will help Congress face up to a stark reality."- Kurt Couchman, Senior Fellow in Fiscal Policy, Americans for Prosperity

Background:

This year, Rep. Smucker introduced the 3% resolution, a bipartisan resolution which would establish a tangible goal of reducing our deficit-to-GDP ratio to 3% by 2030, nearly half of its current level of 6%.

In January, Rep. Smucker reintroduced the Debt Solution and Accountability Actto establish new transparency and reporting requirements for the Department of the Treasury whenever the federal government approaches the statutory debt limit.