Kevin Brady: “I am pleased to speak in support of H.R. 3442, the Debt Management and Fiscal Responsibility Act. I would also like to…”

“I am pleased to speak in support of H.R. 3442, the Debt Management and Fiscal Responsibility Act. I would also like to thank Mr. Marchant of Texas for his leadership on this legislation. H.R. 3442 was considered by the Committee on Ways and Means in September of 2015, and it was passed with strong support. It is also highly relevant. I have just come from our second hearing on the 2017 budget. Anything we can do to add clarity and stability to our budget and debt process is extremely helpful. The amount of debt this country currently owes is staggering--$19 trillion and growing. The Congressional Budget Office estimates that the debt will reach $29 trillion in 2026. Let's be clear about why this is happening. It is not because Americans aren't taxed enough; it is because Washington has a spending problem. As we look to the future, revenues will remain half a percentage point above their historical average as a share of the economy. Meanwhile, spending will rise from 21 percent of the share of the economy today to 23 percent in 2026, both of which are far above the historical average of 19.9 percent. When Republicans took the House in 2010, this government borrowed 40 cents for every dollar it spent, and, today, it is 14 cents; but that is not good enough, because, under the current law baseline, it will go up to 21 cents per dollar in 2026.…”