Rep. Ted Budd Sponsors Federal Debt Emergency Control Act
Washington, September 20, 2021
Tags: Budget & Debt
Washington, D.C. -- Rep. Ted Budd (R-NC) has co-sponsored H.R.4869, the Federal Debt Emergency Control Act.
The bill would require the Office of Management and Budget to declare a “Federal Debt Emergency” in any fiscal year where the federal debt exceeds 100% of the Gross Domestic Product (GDP). An emergency declaration would trigger automatic actions to reduce the debt level under 100% of GDP.
The bill was originally introduced by Rep. Jim Banks (R-IN) in the House and Sen. Rick Scott (R-FL) in the Senate.
Rep. Budd said in a statement:
“Our national debt currently stands at nearly $30 trillion. That works out to an astounding $227,000 per taxpayer. Washington politicians often claim these are just numbers on a page as they continue their rampant spending. But, the reality is that Washington's out of control spending has created a debt crisis. I’m proud to join Rep. Jim Banks and Sen. Rick Scott on a legislative solution to help get our country’s fiscal house in order.”