Sinema’s bipartisan resolution requires an audited financial statement to ensure U.S.’s long-term fiscal health
WASHINGTON – Arizona senior Senator Kyrsten Sinema introduced the Fiscal State of the Nation Act—bipartisan legislation that ensures members of Congress receive a financial report of the United States from a nonpartisan source to understand how current and proposed policies may impact the nation’s long-term fiscal health.
“Taking a serious, nonpartisan look at America’s economic health allows us to properly address our national debt while we grow our economy and protect Arizonans’ earned retirement benefits,” said Sinema, a member of the Senate Homeland Security and Governmental Affairs Committee.
"Debt is already larger than the economy, and it will continue to escalate toward a new record going forward. Lawmakers must begin paying more attention to our fiscal outlook. Senators Sinema (D-AZ), Ernst (R-IA), King (I-ME), Kelly (D-AZ), Braun (R-IN), Daines (R-MT), and Rosen (D-NV) are right to draw attention to these issues with their Fiscal State of the Nation resolution, An Annual hearing by the Senate and House Budget Committees featuring the Comptroller General would shine some much-needed light on our unsustainable budget situation, rather than sweeping it under the carpet. We appreciate and support this effort," said Maya MacGuineas, President of the Committee for a Responsible Federal Budget.
"The Arizona Society of CPAs supports the Fiscal State of the Nation Resolution, which will help policymakers and external stakeholders better understand key financial metrics in the federal government. The resolution introduced by Senator Kyrsten Sinema and co-sponsored by Senators Kelly, Ernst, King, Braun, Daines, and Rosen will ensure Congress and the public are fully briefed on our country's financial stability. We appreciate Senator Sinema taking the lead on this effort and encourage Congress to pass the resolution," said ASCPA President & CEO Oliver Yandle, JD, CAE.
"It is important that our legislative leaders have a full and unbiased understanding of our nation's financial health. The AICPA believes that this reporting can be a valuable tool for our legislators in understanding the long-term economic impact of current and/or future policies and we strongly support this legislation," said AICPA President and CEO, Barry C. Melancon, CPA, CGMA.
Sinema’s Fiscal State of the Nation legislation—cosponsored by Republican Senator Joni Ernst (Iowa) and Independent Senator Angus King (Maine)—requires the U.S. Comptroller General to provide an audited financial statement and address Congressional members before a joint hearing of the House and Senate Budget Committees. Sinema’s legislation ensures Congress takes a sober analysis of the fiscal health of federal programs, especially in light of the financial implications of the pandemic.
The bipartisan Fiscal State of the Nation is part of Sinema’s Senate work ensuring budget and fiscal responsibility, protecting Arizonans’ hard-earned taxpayer dollars and economic futures. Sinema is a cosponsor of the bipartisan TRUST Act—legislation sponsored by Republican Senator Mitt Romney (Utah)—which creates bipartisan Rescue Committees in Congress to save endangered federal trust funds such as Social Security and Medicare.
Representatives Kathleen Rice (D-NY) and Andy Barr (R-KY) introduced the Fiscal State of the Nation in the U.S. House.