The House today voted 267-151 to pass the Debt Management and Fiscal Responsibility Act, legislation by U.S. Congressman Kenny Marchant (TX-24) that would help get a handle on America’s $19 trillion national debt. The bill creates a more accountable and timely debt limit process that would put greater emphasis on finding debt reduction solutions.
“I authored this legislation because greater focus must be placed on finding solutions to reduce our national debt,” said Marchant. “Our national debt now stands at $19 trillion and is growing larger every day. Congress and the administration must work together to get the debt under control before it’s too late. That’s what the Debt Management and Fiscal Responsibility Act is all about. By injecting transparency, accountability, and timeliness into the debt limit process, this bill narrows the focus to analyzing the drivers of our debt and finding responsible debt reduction solutions. This is a critical step toward putting the national debt back on a sustainable path.”
“Despite the simple, collaborative steps this bill takes to get a handle on our nation’s debt, the White House has threatened to veto it. In doing so, they are helping preserve a debt limit process that has completely failed to stabilize, much less improve, America’s debt burden. The national debt is a shared responsibility between Congress and the administration. To get it under control, we need a shared executive-legislative approach.
“Like so many Americans, the people of my district have watched with great concern as the national debt has grown to $19 trillion. They’re worried about what kind of country we’re leaving our children and grandchildren. As a grandfather myself, I’m worried too. But, I know that if we act now we can put our national debt on a more sustainable path. If the president cares at all about our nation’s future, he will support this legislation. Congress and the administration must work to get a handle on the national debt while we still have the chance.”
Click the link below for video of Marchant’s closing remarks during debate of the Debt Management and Fiscal Responsibility Act.