Expressing the sense of the House of Representatives that the United States should reduce and maintain the Federal unified budget deficit at or below 3 percent of gross domestic product.
Last recorded step: none recorded yet.
Nothing scheduled on the calendars we hold.
Proposes that Congress reduce the federal budget deficit to 3 percent of GDP by 2030 and work toward a balanced budget thereafter.
What it does
This resolution proposes that the House of Representatives establish a fiscal target to reduce the federal unified budget deficit to 3 percent of gross domestic product or less by the end of fiscal year 2030. It further suggests that once this target is met, Congress should continue efforts to reduce the deficit with the ultimate goal of achieving a balanced federal budget.
Who is affected
The resolution specifically identifies the U.S. House of Representatives and Congress as the entities responsible for adopting and pursuing the proposed fiscal targets. No other specific populations, agencies, or industries are explicitly named as affected parties in the provided text.
Key provisions
- Establishment of a federal deficit target. The resolution states that Congress should adopt a fiscal target to reduce the federal unified budget deficit to 3 percent of gross domestic product or less by the end of fiscal year 2030.
- Long-term goal of a balanced budget. The resolution expresses that once the 3 percent deficit target is met, Congress should continue efforts toward the ultimate goal of achieving a balanced federal budget.
Fiscal impact
Not applicable: No CBO cost estimate available
Effective dates
The resolution proposes that Congress adopt a fiscal target to reduce the federal budget deficit to 3 percent of gross domestic product or less as soon as possible and no later than the end of fiscal year 2030.
Relationship to existing law
Not applicable: Bill establishes wholly new authority with no reference to prior law
Stated purpose
This resolution expresses the sense of the House of Representatives that Congress should reduce the federal budget deficit to 3 percent of gross domestic product or less by the end of fiscal year 2030. It further states that once this target is met, Congress should continue deficit reduction efforts with the ultimate goal of achieving a balanced federal budget.