Sending Office: Honorable James B. Renacci
We invite you to become a co-sponsor of the Fiscal State of the Nation Resolution. This resolution will provide Members of Congress and the American people an annual update on the long-term financial health of the country. The Budget Committee has
included our resolution in their plan for budget process reform plan.
Our nation’s finances are one of the most important pieces of information lawmakers should consider when deliberating on legislation and setting the policy agenda for each Congress. Currently, the Financial Statements for the United States are buried in
the middle of a 300 page financial report posted on the Treasury and GAO website. This has led to the financial statements – which provide important information on the assets, liabilities, revenues, expenses, and sustainability of social insurance programs
– to go unnoticed by many Members of Congress.
The Fiscal State of the Nation Resolution provides this information directly to Congress and brings greater awareness to the long-term financial constraints that face the United States. This legislation will simply require the Comptroller General
of the United States to present the financial report of the United States in a Joint Session of Congress. This will take place within forty-five business days of issuance of the audited Financial Report to ensure lawmakers receive the information in an accurate
and timely manner.
Our country currently has a nearly $20 trillion national debt and many large federal programs face a difficult financial future, making it even more important for all Members of Congress to fully understand the financial issues facing the United States.
I hope you will join us in co-sponsoring this bi-partisan legislation. For more details, please contact Stephen Hostelley with Congressman Renacci’s office at (202) 225-3876 or
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