Bipartisan Bill Aims to Prepare US Government for National Emergencies

Strategic Insights -

Congressman Jared Golden (ME-02) has signed on as the lead Democratic cosponsor of the Fiscal Contingency Preparedness Act, introduced by Congressmen Ben Cline (VA-06) and Jack Bergman (MI-01) to require the federal government to assess and report its ability to respond to major national emergencies. The bill also gained the support of Congresswoman Marie Gluesenkamp Perez (WA-03). The legislation directs the Secretary of the Treasury and the Director of the Office of Management and Budget (OMB) to produce an annual report measuring the government's fiscal strength and readiness. The Government Accountability Office (GAO) would conduct an independent review and publish its findings to ensure accuracy and transparency. According to the Congressional Budget Office, interest payments on the national debt will permanently exceed defense spending by 2050, with gross federal debt projected to hit 123% of GDP by September 2025.

Key Takeaways:

  • The Fiscal Contingency Preparedness Act aims to require the US government to assess and report its ability to respond to major national emergencies, such as economic downturns, energy crises, and national security threats.
  • The bill would direct the Secretary of the Treasury and the Director of the OMB to produce an annual report measuring the government's fiscal strength and readiness.
  • The Government Accountability Office (GAO) would conduct an independent review and publish its findings to ensure accuracy and transparency.
  • The bill is cosponsored by Congressmen Ben Cline (VA-06), Jack Bergman (MI-01), and Marie Gluesenkamp Perez (WA-03), as well as Congressman Jared Golden (ME-02).
  • According to the Congressional Budget Office, interest payments on the national debt will permanently exceed defense spending by 2050.
  • Gross federal debt is projected to hit 123% of GDP by September 2025.

Statistics:

  • National debt: over $36 trillion
  • Interest payments on the national debt: expected to permanently exceed defense spending by 2050
  • Gross federal debt: projected to hit 123% of GDP by September 2025
  • Interest costs: expected to double the size of the defense budget by 2050

Sources:

  • Office of Congressman Jared Golden (ME-02)
  • Congressional Budget Office (CBO)
  • Committee for a Responsible Federal Budget (CRFB)
  • Government Accountability Office (GAO)
  • Hon. Joe Manchin, former Senator from West Virginia