I know we’re not talking about the national debt during this news cycle, but it’s now equal in size to our entire economy. This is a bipartisan problem and it will require both parties to come together to fix it. I’ve introduced a bipartisan resolution calling for Congress to reduce the deficit to 3% of GDP. It’s long past time to do something about this problem.
🚨NEW: The Fiscal Contingency Preparedness Act (FCPA) passed the House @GOPoversight@OversightDems with an overwhelmingly bipartisan vote. 🗳️
Designed to provide lawmakers with forward-looking fiscal analysis, the bill would require the Treasury and OMB to conduct annual assessments of the government's fiscal resilience in the face of potential domestic or international emergencies.
The bill has seen growing bipartisan support, and would be an important step towards ensuring our nation is prepared for future fiscal crises and economic instability.
➡️Learn more in our FAQ: https://t.co/VqfrDKAXll.
🚨 STARTING SOON: At 3:00 pm ET, CRFB President @MayaMacGuineas will testify before the Fiscal Responsibility and Economic Growth Subcommittee of @SenFinance.
The hearing, focusing on “The Fiscal Outlook: 2027-2036,” comes as the @USCBO recently published its latest Budget and Economic Outlook projecting the nation’s debt, deficits, interest costs, major trust funds and more are all facing an unsustainable fiscal path ahead.
Watch her testimony here ➡️ https://t.co/e6TPfqAGjN.
☑️BREAKING: @HouseBlueDogs has endorsed a bipartisan resolution setting a 3% of GDP deficit target.
“It's past time to get our fiscal house in order. By pursuing aggressive yet realistic targets, we can spend less on interest payments and focus more on restoring economic agency to American families. It’s time for Congress to come together in a bipartisan manner and put an end to irresponsible budgeting.”
A BIG WEEK for this important fiscal goal!
🚨JUST NOW: In a House @FinancialCmte hearing w/ @SecScottBessent, Bipartisan Fiscal Forum Co-Chair @RepHuizenga cites the BFF's recent resolution urging the House to adopt a 3% of GDP deficit target – noting it is a "tangible, achievable goal that is desperately needed."
Secretary Bessent adds "I look forward to working with you on that."
➡️Read more about the broad, bipartisan support for a 3% fiscal target: https://t.co/4S1tqno77A.
Indiana University has won the Big Ten title for the first time since 1967.
Indiana University has defeated Ohio State for the first time since 1988.
Indiana University is #1.
Curt Cignetti has led the greatest turnaround in college football history.
➡️What’s in a name? When it comes to Social Security’s retirement ages, simpler names mean better retirement decisions.
The House is voting today on the "Claiming Age Clarity Act," introduced by @RepSmucker.
The bill renames Social Security's retirement ages, which research shows will improve retirement decisions and can contribute to increased retirement security and growing the economy.
🔗https://t.co/13YfXaObfb.
🚨 Introducing the Social Security COLA Cap 🚨 — Our 2nd novel Trust Fund Solution
The COLA Cap would:
⦿ Close 4%-27% of Social Security's shortfall
⦿ Increase progressivity
⦿ Maintain needed inflation protection
⦿ Boost payable benefits
⦿ Retain work incentives
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🚨Introducing the Employer Compensation Tax🚨 - Our first novel Trust Fund Solution. The ECT would:
⦿ Fix 2/3 of Social Security's shortfall & 1/2 of Medicare's
⦿ Increase progressivity
⦿ Support economic growth
⦿ Improve efficiency
⦿ Reduce health cost growth
THREAD ....
The bill comes NO WHERE CLOSE to meeting the framework — $2 trillion of spending cuts, or else the $4.5t in tax cuts *relative to current law* gets reduced.
The framework has $1.5t of gross spending cuts ($1.2t net) which only allows $4t of tax cuts. But it keeps all $4.5t.
“Part of the purpose here is growing the economy. You do that by focusing on pro-growth tax reform, and by as little debt as possible,” says CRFB Pres. @MayaMacGuineas of the House reconciliation bill, calling it “anti-growth.”
https://t.co/ZEtkmXAYyY