Debt-to-GDP Transparency and Stabilization Act

Bill: 118-hr-6957
Sponsor: full_name: Rep. Smucker, Lloyd [R-PA-11]
Introduced: 2024-01-11
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt

Budget process

Government information and archives
Latest action: action_date: 2024-01-18
text: Ordered to be Reported by Voice Vote.

Summaries:
action_date: 2024-01-11
action_desc: Introduced in House
text: <p><strong>Debt-to-GDP Transparency and Stabilization Act</strong></p><p>This bill requires the President's annual budget and congressional budget resolutions to include the ratio of the public debt to the estimated gross domestic product.&nbsp;</p>

tv_txt: I 118th CONGRESS 2d Session H. R. 6957 IN THE HOUSE OF REPRESENTATIVES January 11, 2024 Mr. Smucker (for himself and Mr. Golden of Maine ) introduced the following bill; which was referred to the Committee on the Budget , and in addition to the Committee on Rules , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To require that the President’s annual budget submission to Congress and any concurrent resolution on the budget include the ratio of the public debt to the estimated gross domestic product of the United States, and for other purposes.

1. Short title This Act may be cited as the Debt-to-GDP Transparency and Stabilization Act . 2. Ratio of public debt to GDP included in President’s budget submission and concurrent resolution on the budget (a) President’s budget submission Section 1105(a) of title 31, United States Code, is amended by adding at the end the following: (40) the ratio of the public debt to the estimated gross domestic product. . (b) Concurrent resolution on the budget Section 301(a) of the Congressional Budget and Impoundment Control Act of 1974 is amended— (1) in paragraph (6), by striking and at the end; (2) in paragraph (7), by striking the period at the end and inserting ; and ; and (3) by adding at the end the following: (8) the ratio of the public debt to the estimated gross domestic product for the fiscal year beginning on October 1 of such year. .