North Michigan News

Jan 22, 2024

During a House Budget Committee markup, Rep. Jack Bergman delivered a sobering message about the current financial crisis facing the United States. Drawing on his experience as a pilot, he likened the nation's situation to a plane in a fiscal descent, questioning whether it will result in a landing or a crash.

Rep. Bergman emphasized the need for a bipartisan approach to address the fiscal challenges the country is facing. He stated, "We have both a spending and a revenue problem in our country and until we can come to a realistic understanding about both sides of the ledger, we as a country will continue to edge closer to the fiscal abyss."

The House Budget Committee had previously held two legislative hearings in 2023 to examine the need for a bipartisan, bicameral commission to tackle the nation's fiscal issues. These include annual budget deficits, a soaring national debt that recently reached $34 trillion, and the impending insolvency of Medicare and Social Security.

Following his remarks, Rep. Bergman joined his colleagues on the House Budget Committee in passing three bills through the committee. These bills aim to address the fiscal crisis and improve the country's long-term financial outlook.

The first bill, the Fiscal Commission Act of 2023 (H.R. 5779), establishes a bipartisan, bicameral fiscal commission. This commission will be responsible for identifying and recommending policies to improve the solvency of federal trust fund programs, balance the budget, stabilize the debt-to-GDP ratio, and enhance the country's long-term fiscal outlook.

The second bill, the Debt-to-GDP Transparency and Stabilization Act (H.R. 6957), requires the President's annual budget submission to include a ratio of the public debt to the estimated GDP. This measure aims to increase transparency and provide a clearer understanding of the country's debt situation.

Lastly, the Fiscal State of the Nation Act (H.R. 6952) mandates the Comptroller General to present an overview of the US's financial health to Congress. Additionally, each concurrent resolution on the budget must include a statement on the fiscal state of the country. This bill seeks to ensure accurate reporting and assessment of the nation's fiscal condition.

In conclusion, Rep. Bergman's warning about the fiscal decline and his call for a bipartisan approach to address the financial crisis are timely and crucial. The bills passed by the House Budget Committee aim to tackle the nation's fiscal challenges head-on and pave the way for a more stable and sustainable financial future.

Source: [Rep. Jack Bergman](https://bergman.house.gov/media/press-releases/bergman-speaks-house-budget-committee-markup-fiscal-commission-act-debt-gdp)