Berks County News

Today, the House Budget Committee passed the Cost Estimates Improvement Act, a bipartisan bill introduced by Representatives Dan Meuser (R-PA), Michael Cloud (R-TX), Ed Case (D-HI), Jared Golden (D-ME), and Tom McClintock (R-CA). The legislation, known as H.R. 8341, aims to address America's escalating national debt and its associated interest costs.

The Cost Estimates Improvement Act mandates that the Congressional Budget Office (CBO) and Joint Committee on Taxation (JCT) include the cost of servicing public debt in legislative cost estimates whenever possible. This measure is designed to enhance fiscal transparency by providing a comprehensive picture of proposed legislation's true cost, thereby promoting informed decision-making and long-term fiscal sustainability.

This reform is particularly necessary this year as the nation approaches a threshold where the cost of servicing our debt will surpass our entire $822 billion defense budget, reaching an alarming $870 billion.

Rep. Dan Meuser stated, "Responsible stewardship of taxpayer dollars is an obligation Congress must take seriously. The service on our debt will soon reach $1 trillion – meaning it’s well past time the CBO included interest projections when scoring a bill. Members of Congress and the American people deserve to know the long-term implications any bill will have on our national debt, which is why my colleagues and I introduced the Cost Estimates Improvement Act."

Rep. Michael Cloud added, "For years American taxpayers have heard talking points about how our debt is reaching unsustainable levels, but too often, Washington D.C. uses convoluted metrics and reporting systems to evade accountability for reckless spending."

Rep. Jared Golden also noted that "Interest payments on the national debt already cost taxpayers more than we spend on education, infrastructure and veterans combined and will surpass our entire defense budget by the end of the year."

The Cost Estimates Improvement Act has garnered support from several organizations including Americans for Prosperity, BPC Action, Cato Institute (Romina Boccia), Committee for a Responsible Federal Budget, Heritage Action, National Taxpayers Union Foundation, and the Manhattan Institute.