WASHINGTON, D.C. – Today, the House voted to pass H.R.3442, the Debt Management and Fiscal Responsibility Act, introduced by Ways and Means member Rep. Kenny Marchant (R-TX). Before its passage, Ways and Means Chairman Kevin Brady spoke in support of this commonsense bill.
“The amount of debt this country currently owes is staggering – $19 trillion and growing. The Congressional Budget Office estimates that the debt will reach $29 trillion in 2026.
“Now let’s be clear about why this is happening – it’s not because Americans aren’t taxed enough, it’s because Washington has a spending problem.
“The Debt Management and Fiscal Responsibility Act would create a system that allows Congress to make informed decisions about the debt ceiling and consider changes before it becomes a crisis.
“We are at a time when serious decisions must be made about how to grow the economy and stop the increase in debt. We can’t do that if we don’t have the necessary information. So this means that we need to be on the same page about the drivers of our debt and to have an open discussion about our intentions to reduce the debt.
“This legislation would take a process that has been chaotic and difficult for everyone, and instead create a system that provides a consistent framework.
“As others have said, the national debt is a shared responsibility, and we need to focus on ways to address it and move forward sensibly. The current path we are on is unsustainable. It will require all of us, both in the legislative and the executive branch, to work together to find solutions.
“The Debt Management and Fiscal Responsibility Act is an important step in improving this process.
“It not only provides clarity and transparency to the process, but also creates accountability and establishes a framework to discuss options and ideas on how to reduce the debt.”