Debt-to-GDP Transparency and Stabilization Act
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This bill would require federal budget documents to include ratios of public debt and the surplus or deficit relative to the national GDP.
What it does
This bill would require the President’s annual budget submission and any congressional budget resolutions to include specific economic ratios. These documents would be mandated to report the ratio of the public debt to the estimated gross domestic product (GDP), as well as the ratio of the federal surplus or deficit to the estimated GDP.
Who is affected
This bill affects the President and the Executive Branch, who would be required to include specific debt-to-GDP and deficit-to-GDP ratios in annual budget submissions. It also affects Congress, as these same economic ratios must be included in congressional budget resolutions.
Key provisions
- Debt-to-GDP ratio reporting requirements. Requires the President's annual budget proposal and congressional budget resolutions to include the ratio of the public debt relative to the estimated gross domestic product.
- Deficit or surplus-to-GDP ratio reporting requirements. Mandates that the President's budget and congressional budget resolutions disclose the ratio of the federal surplus or deficit relative to the estimated gross domestic product.
Fiscal impact
Not applicable: No CBO cost estimate available
Effective dates
Not applicable: Official Summary does not address effective dates
Relationship to existing law
This bill modifies the required contents of the President's annual budget submission and congressional budget resolutions by adding specific reporting requirements for debt-to-GDP and deficit-to-GDP ratios.
Stated purpose
The bill aims to increase fiscal transparency by requiring the President's annual budget and congressional budget resolutions to report the ratios of public debt and the federal surplus or deficit relative to the estimated gross domestic product (GDP).