WASHINGTON, D.C. -- Proposed bipartisan legislation in the U.S. House would reduce and cap the federal budget deficit at 3 percent of Gross Domestic Product by the end of the 2030 fiscal year.
It is called the "Three Percent Resolution."
West Michigan Fourth District Congressman Bill Huizenga chairs the Bipartisan Fiscal Forum that introduced the resolution in the House. He said Wednesday on West Michigan's Morning News the legislation provides a framework to put the nation on a more sustainable fiscal path.
"It's not very often I find myself being supported by the Washington Post, but even their editorial board came out in favor of this," Huizenga said. "And people are realizing are debt and deficit situations are out of control, and we have to do something about it."
The legislation calls for Congress to pass long-term spending reforms and tax policies that encourage investment and innovation. Huizenga told WOOD Radio that that lawmakers need to start accomplishing some realistic goals.
"One of those is to say, 'Look, we've got to start controlling our deficits and our spending. It put it within percentages that are much more attainable," Huizenga said.
He noted that the federal government is spending about 6 percent of GDP currently.
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