Congressman Dan Meuser, R-9, of Dallas, on Thursday, introduced legislation that would increase accountability and transparency for the federal budget process by requiring Congress to account for interest costs that are accrued through the servicing of debt.
The Budgetary Accuracy in Scoring Interest Costs Act of 2019 updates Congressional Budget Office and Joint Committee on Taxation cost scoring requirements to include debt costs created by legislative proposals.
“Publicly held debt is at a staggering 78 percent of the United States’ GDP. This act will bring greater integrity and transparency to the budget process,” Meuser said. “It is vital to the success of our economy that we see the full and true cost of any new proposal. Only then can we begin to move away from years of misguided policies.”
CBO estimates that annual debt interest payments, which stand at $382 billion in 2019, will be $921 billion by 2029.
— RICK DANDES