Dear Congressman Renacci:
On behalf of National Taxpayers Union (NTU), I write in support of your legislation, H. Con. Res. 8. This bipartisan resolution would require the Comptroller General of the United States to appear before a joint session of Congress to deliver a presentation about the audited financial statement of the country’s fiscal situation.
The presentation from the Comptroller General would present Congress with vital information to assess the long term fiscal health of the nation. Specifically, H. Con Res. 8 would require the Comptroller General to present Congress with information on sustainability measures, budget deficits, and long term fiscal projections. In addition to this information, the presentation must also include the sustainability of each program in the statement of social insurance.
This is of particular importance, considering the growth of the national debt and the threat that unfunded entitlements have on the economic well-being of the United States. The United States is about to eclipse $20 trillion in debt. Meanwhile, the Congressional Budget Office latest forecast shows that that the government will run a deficit of $594 billion this year and will begin to face deficits exceeding $1 trillion per year by 2020. Congress would be better equipped to deal with these long term trends affecting the nation’s fiscal health by staying informed on a yearly basis. A Congress that is better informed on these issues would be better suited to protect taxpayers from burdensome taxes if these long term problems are not addressed successfully.
NTU is pleased to endorse H. Con. Res. 8 and encourages all Representatives to cosponsor your concurrent resolution and work towards its swift passage.