Reps. Burchett, Case reintroduce bipartisan RAFT Act to limit public debt
KNOXVILLE, Tenn. (Feb. 16, 2021) – U.S. Representatives Tim Burchett (TN-02) and Ed Case (HI-01) have reintroduced H.R. 915, the Reforming America’s Fiscal Toolkit Act of 2021 (RAFT Act). This legislation amends Congress’s budget process to establish a lower U.S. public debt relative to gross domestic product (GDP).
“Public debt is now larger than our economy thanks to Congress’s fiscal mismanagement,” Rep. Burchett said. “Spending like this is unsustainable, and recent budget policy will only make it worse. The RAFT Act sends a clear message to Washington politicians that the American taxpayers’ hard-earned incomes aren’t a piggy bank.”
“We must address our ballooning national debt, which is not only fiscally unsustainable today but also crippling future generations,” Rep. Case said. “Every day our national debt grows compared to our economy, and yet we do nothing. The RAFT Act says we cannot allow our debt to overwhelm our economy, lest we lose both jobs and core government functions.”
U.S. public debt is currently around $27 trillion, which is 127% the size of GDP. Rep. Burchett and Rep. Case’s legislation would prevent public debt from exceeding GDP, effectively placing a limit on federal spending.