During a Senate committee hearing on fiscal stability, Sinema introduces bipartisan, bicameral Fiscal State of the Nation Resolution
WASHINGTON – Arizona senior Senator Kyrsten Sinema today introduced the bipartisan, bicameral Fiscal State of the Nation Resolution requiring the Comptroller General to present the Financial Report of the United States to all members of Congress. By requiring a nonpartisan official to present a clear, unbiased assessment of America’s economic health, Sinema said that members of Congress will be better educated on the country’s debt and deficit and better able to make informed economic decisions. Republican Senator Joni Ernst (Iowa), Independent Senator Angus King (Maine), and Democratic Senator Jacky Rosen (NV) cosponsored Sinema’s Resolution.
“Measuring America’s economic standing is a commonsense step to address our nation’s debt, grow our economy, and protect retirement benefits Arizonans have earned,” said Sinema, a member of the Senate Homeland Security and Governmental Affairs Committee.
“It is unacceptable for us to continue to place the burden of today’s spending practices on the backs of our children and grandchildren. This commonsense, bipartisan resolution will help ensure that lawmakers on both sides of the aisle understand our fiscal challenges, and it will equip us to work together to right the ship,” said Senator Joni Ernst.
“The AICPA strongly supports the Fiscal State of the Nation Resolution and thanks Senator Sinema, Senator Ernst, Senator King, and Senator Rosen for their commitment to fostering transparency in the federal government’s financial report,” said Barry C. Melancon, CPA, CGMA, AICPA President and CEO. “We believe requiring the Comptroller General to make an annual presentation before a joint hearing of the Senate and House Budget Committees will help policymakers’ decision-making on the valuable information this report provides about the financial condition of the federal government.”
“Our national debt is now the highest it has ever been except around World War II. We need to pay attention to our escalating debt that will put an undue strain on the next generation, hinder income increases, and diminish economic growth. Senator Sinema, along with Senators Ernst, King, and Rosen, have rightly put forward a Fiscal State of the Nation bill that would bolster focus on our worsening budget outlook and inform members of Congress about the consequences of our swiftly expanding national debt,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.
The Committee for a Responsible Federal Budget, the American Institute of CPAs, the National Taxpayers Union, Americans for Tax Reform, and the Concord Coalition all support Sinema’s Fiscal State of the Nation Resolution.
In August, the Congressional Budget Office updated its budget and economic outlook to project that the federal deficit would reach $1 trillion in Fiscal Year 2020 for the first time since Fiscal Year 2012. Sinema’s Fiscal State of the Nation Resolution requires the Comptroller General to present the Financial Report of the United States to a joint hearing of the House and Senate Budget Committees. All members of Congress would be invited to attend. By inviting a nonpartisan government official to present to both the House and Senate, Congress would receive a clear assessment of our nation’s financial health, which would enhance members’ understanding of the federal budget and deficit and help them make more informed decisions with respect to the U.S. economy. The joint hearing would take place within forty-five business days of issuance of the audited Financial Report to ensure lawmakers receive the information in an accurate and timely manner.
Representatives Kathleen Rice (D-NY) and Andy Barr (R-KY) introduced the Fiscal State of the Nation Resolution in the U.S. House.