SRES 654
A resolution expressing the sense of the Senate that the United States should reduce and maintain the Federal unified budget deficit at or below 3 percent of gross domestic product.
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This Senate resolution expresses the sense of the Senate that the United States should aim to reduce and maintain its federal budget deficit at or below 3 percent of gross domestic product (GDP). The resolution calls for Congress to set a target, potentially by the end of 2030, and to pursue further deficit reduction toward a balanced budget. It also outlines specific steps for the President, Congress, the Congressional Budget Office, and the Joint Committee on Taxation to support this goal.
Key provisions
- Congress should adopt a target to reduce the deficit to 3% of GDP or less by the end of FY2030.
- Congress should continue pursuing deficit reduction toward a balanced budget after achieving the target.
- The President should submit budgets aligned with the deficit target.
- The congressional budget resolution should be consistent with meeting the target.
- The Senate should implement rules to ensure the target is met, including making budget enforcement difficult to waive.
- The Congressional Budget Office should assess the impact of legislation on the target.
- The Joint Committee on Taxation should provide supplemental analysis on legislation's impact on the target.
- Efforts to meet the target should avoid accounting gimmicks.
Who is affected
- Congress
- The President
- The Congressional Budget Office
- The Joint Committee on Taxation
- The Federal Government
Notable changes
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Angus S., Jr. King
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.
119th CONGRESS — 2d Session
S. RES. 654
IN THE SENATE OF THE UNITED STATES
RESOLUTION
Expressing the sense of the Senate that the United States should reduce and maintain the Federal unified budget deficit at or below 3 percent of gross domestic product.
Whereas reducing annual deficits to 3 percent of gross domestic product has attracted bipartisan support as a target to stabilize the national debt;
Whereas the budget deficit was $1,800,000,000,000 for fiscal year 2025, or roughly 6 percent of gross domestic product (referred to in this preamble as GDP
), even in the absence of major new emergency spending;
Whereas the national debt held by the public now stands at nearly $31,000,000,000,000;
Whereas interest payments on the national debt are now projected to total more than $1,000,000,000,000, the highest level in American history and more than total defense spending;
Whereas the rising deficits and debt represent a threat to national security, economic growth, and future generations;
Whereas rising deficits also threaten to increase interest rates and the cost of living, reduce the government’s flexibility to respond to fiscal emergencies, and create risks of a fiscal crisis;
Whereas the Federal budget ran a sub-3 percent deficit-to-GDP in 1989, 1994, 1995, 1996, 1997, 2002, 2005, 2006, 2007, 2014, and 2015;
Whereas the Federal Government ran a surplus in 1998, 1999, 2000, and 2001;
Whereas deficit reduction is best achieved when aiming toward a manageable, meaningful target; and
Whereas Congress has a bipartisan responsibility to enact fiscal policies that promote long-term economic growth and to safeguard future generations, and to be ready for future emergencies: Now, therefore, be it
the target) or less as soon as possible and no later than the end of fiscal year 2030;