Marchant Introduces Legislation to Bring Accountability to Nation’s Debt

U.S. Congressman Kenny Marchant (TX-24) today introduced legislation designed to address the national debt and provide a framework for structural deficit reduction. The Debt Management Act (DMA), H.R. 3579, would require the Treasury Secretary to report to Congress prior to each potential debt limit increase and provide detailed reports on: the national debt and its key drivers; explicit measures for short, medium, and long-term structural deficit reductions; debt-to-GDP ratio reduction proposals; and a progress report on deficit reduction measures.

Marchant released the following statement upon introduction of the bill:

“As we have recently been reminded, the national debt needs to be put on a sounder footing. The current debt stands at more than $17 trillion and the Congressional Budget Office projects that under current laws the Federal debt would climb to roughly $25 trillion by 2023. Simple economics dictate that such debt is unsustainable.

“We can no longer yield to the temptation of remorseless borrowing. America might appear to prosper by consuming beyond our means, but if we continue down this path, the country will eventually face a painful economic reckoning.

“It is in our national interest to resist such complacency, carefully examine the debt and analyze its key drivers, and work toward fixing the structural deficit. To address these needs, I am pleased to introduce the Debt Management Act of 2013.

“DMA requires the Administration to complement debt limit increase requests with reports on the national debt and progress on deficit reduction. By bringing greater transparency to the national debt and structural deficit, DMA establishes a more credible and consistent process to address debt limit increase requests.

“Should the Administration request a debt limit increase in the future, DMA would allow the American people and Congress to point to ‘Debt Reports,’ ‘Statements of Intent,’ and ‘Progress Reports’ provided by the Treasury Secretary to evaluate whether and how the Administration is taking appropriate steps to address the structural deficit and not simply allow the President to ask for a debt limit increase without associated long-term fiscal planning.

“DMA expands the focus of debt ceiling increase requests from the expiration date to solving the structural deficit. Having a clear policy framework to address the national debt would instill much-needed discipline into the debt limit process, increase confidence in the economy, and strengthen the long-term fiscal stability worthy of our nation.”

Click here for the one-page summary of the Debt Management Act

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