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House Budget Chair Arrington’s Reform Bill Would Bolster Awareness of the Federal Debt

Decades of overspending have driven the gross debt to over $34 trillion. Yet, the fiscal state of the nation is too frequently glossed over when the House and Senate work on spending legislation. House Budget Committee Chair Jodey Arrington's (R-TX) Debt Per Taxpayer Information Act (H.R. 8372) would help ensure that taxpayers and lawmakers are apprised of the scale of the debt that has been accumulated.

First, the bill requires that the President's annual budget request to Congress includes key metrics about the total debt held by the public, the gross federal debt, and the cost per taxpayer of any budget deficit.

Second, the bill would require that this information is also included in concurrent budget resolutions that the House and Senate use to set spending and revenue goals for the next fiscal year. 

Third, it requires that W-2 Forms provided to tax filers include information showing the federal government's total outlays, revenues, gross debt level, and the estimated debt per taxpayer.

Chairman Arrington's reform proposal, cosponsored by Representatives Ron Estes (R-KS) and Glenn Grothman (R-WI), will be included in a markup hearing this morning at the House Budget Committee.

By promoting transparency and awareness, the Debt per Taxpayer Information Act not only empowers taxpayers with crucial information about the nation's fiscal health but also underscores the urgent need for lawmakers to address the unsustainable level of federal debt and lessen the burden being passed on future generations of taxpayers.