The Honorable Kenny Marchant
United States House of Representatives
2369 Rayburn House Office Building
Washington, DC 20515
Dear Representative Marchant:
On behalf of the members of National Taxpayers Union (NTU), I write in support of your legislation H.R. 523, the “Debt Transparency and Accountability Act.” Your sensible bill would help ensure that addressing our nation’s rapidly escalating debt is a high priority for Congress and the President.
It is imperative for lawmakers to tackle the mounting fiscal crisis caused by the national debt, which now exceeds $19 trillion. Your bill would keep this issue at the forefront of the debate by requiring the Secretary of the Treasury to appear before the Senate Finance and House Ways & Means Committees whenever our debt approaches its statutory limit. The Secretary would be required to report on the debt in terms of the historic, current, and projected contexts, as well as provide information to the chairs of the Senate Finance and House Ways and Means Committee upon request. Further, the Administration would need to provide recommendations on how to reduce the debt and describe the potential consequences if Congress fails to do so.
NTU has serious concerns about our nation’s current fiscal trajectory. After several years of modest deficit reduction, largely due to the 2011 Budget Control Act, the federal budget deficit began to climb again in FY16. The Congressional Budget Office warned in its recent “Budget and Economic Outlook,” that compounding deficits and ongoing economic malaise could soon drive the debt held by the public to Gross Domestic Product ratio to its highest levels since 1947.
Congress and the President must work together to control the debt and enact laws that will encourage economic growth and job creation. H.R. 523 will help facilitate such policies by ensuring that our growing national debt is a part of the legislative debate. NTU is pleased to endorse your bill and we urge all Representatives to cosponsor it and work toward its swift passage.
Sincerely,
Brandon Arnold
Executive Vice President
