H.R. 6957, Debt-to-GDP Transparency and Stabilization Act - Congressional Budget Office (CBO) report

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H.R. 6957, Debt-to-GDP Transparency and Stabilization Act (CBO Report for Congress)

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Congress	118^th
Date Requested	Jan. 18, 2024
Requested By	House Committee on the Budget on
Date Sent	Jan. 24, 2024

Description:

H.R. 6957 would require each submission of the President’s Budget (the President’s funding request) and Concurrent Resolution on the Budget (the Congress’s fiscal framework for the federal budget) to include the ratio of the public debt to the estimated gross domestic product (GDP) for the following fiscal year. A country’s debt-to-GDP ratio is considered a good indicator of the country’s ability to pay down its debt because it shows the burden of debt relative to the country’s total economic output. Based on the cost of similar reporting and administrative requirements, CBO estimates that implementing the bill would have no significant cost over the 2024-2028 period. Any spending would be subject to the availability of appropriated funds.

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H.R. 6957, Debt-to-GDP Transparency and Stabilization Act (CBO Report for Congress)