[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 1183 Introduced in House (IH)]

111th CONGRESS
  2d Session
H. RES. 1183

 Expressing the sense of the House of Representatives that public debt 
 as a share of gross domestic product should be stabilized at not more 
                        than 60 percent by 2018.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 15, 2010

   Mr. Quigley (for himself and Mr. Cooper) submitted the following 
   resolution; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                               RESOLUTION


 
 Expressing the sense of the House of Representatives that public debt 
 as a share of gross domestic product should be stabilized at not more 
                        than 60 percent by 2018.

Whereas the United States Government is on an unsustainable fiscal path;
Whereas public debt has never amounted to more than 120 percent of gross 
        domestic product (GDP), even in the years immediately following World 
        War II;
Whereas public debt is now projected to rise to more than twice the size of the 
        economy by 2035 and to more than three times the size of the economy by 
        2050;
Whereas the consequences of this unprecedented and unsustainable rise in the 
        public debt as a share of GDP will be tangible and severe;
Whereas a high public debt to GDP ratio crowds out private investment, redirects 
        Government revenues to non-productive debt service, weakens the dollar's 
        purchasing power, and slows economic growth and job creation;
Whereas a high public debt to GDP ratio undermines confidence in our economy and 
        threatens our ability to borrow in international markets;
Whereas the cost of inaction will ultimately be borne by ordinary American 
        taxpayers; and
Whereas it is within the power of Congress to enact budget reform that addresses 
        this looming debt crisis: Now, therefore, be it
    Resolved, That it is the sense of the House of Representatives 
that--
            (1) public debt as a share of gross domestic product should 
        be stabilized at not more than 60 percent by 2018; and
            (2) annual deficits as a share of gross domestic product 
        should be reduced to not more than three percent by 2018.
                                 <all>