Today, Reps. Dean Phillips (MN-03) and Adam Kinzinger (IL-16) introduced bipartisan legislation aimed at reducing the federal deficit by $3.25 trillion over a 10-year period. The National Committee on Fiscal Responsibility and Reform Act of 2021 would establish a joint committee in Congress, evenly split between Republicans and Democrats and task the group with issuing a report on how to achieve the much needed fiscal health of our federal deficit.

“Over the past year facing a global pandemic, Congress has had to act and provide relief for the American people. This relief came with a hefty price tag, which has since grown the federal deficit at an alarming rate. As we emerge from the hardships of the coronavirus, we must take a look at the state of our economy—and take a responsible and bipartisan approach to reduce spending and reinstate fiscal responsibility in Congress,” said Kinzinger (R-IL). “Enacting this commonsense legislation will ensure that we can save vital safety programs like social security for generations to come. I’m proud to introduce this bill with my colleague, Rep. Phillips, and look forward to working on getting our debt under control.”

“The pandemic has devastated our economy and our communities,” said Phillips (D-MN). “Now more than ever, America must invest in itself – and we must do so in a way that doesn’t compromise growth and prosperity for future generations. That means getting our fiscal house in order, which is why I am proud to sponsor the National Committee on Fiscal Responsibility and Reform Act. By facilitating bipartisan cooperation and principled problem-solving, this legislation will help address our historic national debt and get our country back on track.”

Upon introducing the legislation today, the Committee for a Responsible Federal Budget announced their endorsement for the bill by sharing this statement:

“Once the pandemic recedes and the economy recovers, Congress and the President will have to pivot to reining in record levels of debt. We commend Representatives Kinzinger and Phillips for demonstrating leadership on this issue and introducing the National Committee on Fiscal Responsibility and Reform Act of 2021. The resolution would establish a bipartisan, bicameral committee to facilitate negotiations for putting the federal budget on a more sustainable track. We appreciate this practical legislation to advance bipartisan solutions to our national challenges. The idea of not letting our national debt continue on an unsustainable path should be something all lawmakers should be able to support,” said Maya MacGuineas, president of the Committee for Responsible Federal Budget.

Click here to read full text of the National Committee on Fiscal Responsibility and Reform Act.

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