[Congressional Record Volume 161, Number 154 (Wednesday, October 21, 2015)]
[House]
[Page H7037]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             DEBT MANAGEMENT AND FISCAL RESPONSIBILITY ACT

  (Mr. MARCHANT asked and was given permission to address the House for 
1 minute.)
  Mr. MARCHANT. Mr. Speaker, our national debt now stands at more than 
$18 trillion. If current law remains unchanged, the CBO projects 
Federal debt can exceed $50 trillion in our lifetime. This cannot be 
sustained.
  That is why I have introduced the Debt Management and Fiscal 
Responsibility Act. This bill provides early and clear-eyed assessment 
of the debt well before even reaching the statutory debt limit.
  Under this bill, the Treasury Secretary would report on three items: 
first, the national debt and debt protection; second, debt reduction 
proposals; and, third, regular progress reports to Congress on debt 
reduction. All of this information would be made readily available to 
the public.
  The national debt is a shared responsibility, and it will take a 
shared executive legislative approach to reduce it. We can no longer 
afford to put $18 trillion on autopilot. Let's deal with it head-on and 
find a responsible measure to retire the debt before it is too late.

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