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119th CONGRESS
2d Session |
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.
Mr. Smucker (for himself, Mr. Golden of Maine, Mr. Cline, Ms. Perez, Mr. Yakym, Mr. Suozzi, Mr. Bacon, Mr. Meuser, Mr. Panetta, Mr. Grothman, Mr. Peters, and Mr. Davis of North Carolina) 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
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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Debt-to-GDP Transparency and Stabilization Act”.
SEC. 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—
(1) in paragraph (10), by striking the period at the end and inserting “, including the ratio of the public debt to the estimated gross domestic product.”; and
(2) by adding at the end the following:
“(39) the ratio of the surplus or deficit 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 a semicolon; and
(3) by adding at the end the following:
“(8) the ratio of the public debt to the estimated gross domestic product; and
“(9) the ratio of the surplus or deficit to the estimated gross domestic product.”.