King, Cramer Take Action to Reduce Federal Budget Deficit, Avoid Passing Down Debt to Next Generation

WASHINGTON, D.C. - U.S. Senators Angus King (I-ME) and Kevin Cramer (R-ND) are introducing bipartisan, bicameral legislation to spur Congress to reduce the federal budget deficit and avoid passing down large sums of debt to the next generation. The 3% Resolution would support the goal of reducing the federal budget deficit to 3% of gross domestic product (GDP) by 2030.

"Restoring fiscal discipline isn't about politics-it's about responsibility," said King. "Our 3% Resolution sets a clear, achievable target to benchmark progress on the deficit to stabilize our economic growth trajectory. Sound economic policy will take members of both parties working together to evaluate spending and revenues to create a better future for the next generation."

"It sure doesn't take an economist to recognize the fiscal path we're on is unsustainable, we all know that," said Cramer. "Congress controls the purse and it's long past time we address this imbalance of our ledgers. It is not going to happen without laser focus on economic growth and a willingness to look at every facet of the federal budget. Our 3% Resolution is a roadmap to what I consider fiscal sustainability, and I'm looking forward, and plead with my colleagues to work together on both sides of the aisle and both sides of the Capitol, as we focus our efforts to deliver greater economic growth, for our country, for our people, and ultimately, our fiscal situation."

The 3% Resolution is also supported by the Committee for a Responsible Federal Budget and the Bipartisan Policy Center (BPC) Action group.

"The best way to tackle a daunting fiscal challenge is to set a clear, achievable goal and then build a practical plan to reach it," said Maya MacGuineas, President of the Committee for a Responsible Federal Budget. "Senators Cramer and King, joined by Senators Peters and McCormick, are taking an important step by putting forward a 3 percent deficit-to-GDP target to help stabilize the nation's fiscal trajectory. We hope their colleagues will come together to meet this moment and begin the real bipartisan work of putting our budget on a more sustainable path."

"The nation's large and growing debt hurts everyday Americans - driving up costs for families and weighing down future growth," said Michele Stockwell, President of BPC Action. "By rallying around a 3%-of-GDP deficit target, Senators Cramer, King, McCormick, and Peters 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."

Joining King and Cramer as cosponsors are U.S. Senators Dave McCormick (R-PA) and Gary Peters (D-MI). U.S. Representatives Bill Huizenga (R-MI-04) and Scott Peters (D-CA-50) introduced similar legislation in the U.S. House of Representatives.

Senator King has long been an advocate for reducing the federal deficit to protect the next generation from financial harm. Earlier this month, Senator King introduced the Fiscal Commission Act to create a bipartisan, bicameral fiscal commission tasked with finding legislative solutions to stabilize spending and decrease the national debt, which now exceeds $38.8 trillion. In June, he sent a letter to IRS Commissioner Billy Long suggesting that plans to slash IRS funding would balloon the federal deficit and result in $2.4 trillion in lost revenue over the next decade. That same month, King also voted against the One Big Beautiful Bill Act that the nonpartisan Congressional Budget Office said would add $3.3 trillion dollars to the federal deficit over the next ten years, while also cutting $1.1 trillion from Medicaid over the same time, resulting in 11.8 million Americans losing healthcare.

More information on the 3% Resolution can be found here.

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