Congressman Jim Renacci (R-Ohio) recently introduced H.Con.Res.140, a resolution calling for the Fiscal State of the Nation. This commonsense resolution requires the Comptroller General of the United States to present a financial report of the United States before a Joint Session of Congress. ATR supports this important resolution and urges all Members of Congress to co-sponsor and support H.Con.Res. 140.
Financial statements for the United States are already compiled, but are typically buried in 300 page reports. As a result, important information regarding the federal government’s assets, liabilities, revenues, expenses, and sustainability of programs are often ignored or missed by Members of Congress, the media, and the public.
The country is $19 trillion in debt and the long-term sustainability of important federal programs remains uncertain. At the same time, billions in taxpayer dollars are wasted on unnecessary or inefficient programs. By requiring an annual update on the long-term financial health of the country, your resolution helps ensure our nation’s finances remain at the forefront of public discussion.
This important financial information is already available but is all too often missed or ignored. ATR urges all Members of Congress to co-sponsor and support this important resolution.