Republicans in the House of Representatives will introduce a bill on Thursday that would place new reporting requirements on legislation that impacts the federal debt.
The bill, spearheaded by North Carolina Rep. Greg Murphy, would impact any bill that affects spending by more than 0.5% of the national gross domestic product (GDP) over a ten-year period. The non-partisan Congressional Budget Office (CBO) would have to provide reports explaining the bill’s impact on the federal debt, as well as reports illustrating the impact on the debt over time.
A companion bill was introduced in the Senate by Indiana Republican Mike Braun in July.
Murphy cited spending proposals by Democrats in both chambers as the impetus for the legislation.
“My bill, the INFORM Act, brings much-needed accountability and transparency to government spending by requiring new government-wide reporting standards on the national debt, deficits, and the incidence of net fiscal burdens on different population groups. With the debt growing bigger every day, and Democrats showing no signs of stopping their plans to bankrupt America, my bill is an essential part of ensuring that we can create a responsible financial future for generations to come,” he told the Daily Caller.
The U.S. national debt is approaching $29 trillion, with much of the recent growth spurred on by spending during the COVID-19 pandemic. The federal debt sat at $23.1 trillion at the beginning of 2020, but has since increased by more than $5.6 trillion. Congress spent more than $5.7 trillion across six relief bills, the first five on a bipartisan basis. Democrats passed the $1.9 trillion American Rescue Plan via the reconciliation process, along party lines.
The bill also orders the CBO to provide federal budget deficit estimates, using two different formulas, for the fiscal year 75 years after the proposed bill was introduced, assuming that it was passed into law.
“For the last 8 months of the Biden presidency, Washington Democrats have been on an all-out spending spree to fund their reckless socialist plans. With such fragile control of the White House, Senate, and House, the Democrats have operated under a monstrous power trip in blind pursuit of their superfluous wish lists, passing trillions in unchecked spending all while plunging our nation further into debt. As a result, we have seen inflation soar amid Biden’s intense self-inflicted economic crisis – a direct consequence of his irresponsible tax-and-spend agenda. I refuse to stand by as House Democrats attempt to bankrupt our children and grandchildren,” Murphy added.
Co-sponsors of the bill include Ohio Rep. Bill Johnson, Texas Rep. Randy Weber, North Carolina Rep. Ted Budd, North Carolina Rep. Dan Bishop, South Carolina Rep. William Timmons, Ohio Rep. Brad Wenstrup and Texas Rep. Dan Crenshaw.
Read the bill here: