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Jim Banks Introduces the Federal Debt Emergency Control Act
Monday, August 2, 2021

WASHINGTON— Indiana Congressman Jim Banks (IN-03) introduced the Federal Debt Emergency Control Act to the U.S. House of Representatives. The bill requires the House to vote on whether to increase the federal debt limit each time a bill that would increase net federal spending or the federal deficit is considered on the House floor during a “federal debt emergency.”

Rep. Banks’ bill is companion legislation to Senator Rick Scott’s (R-FL) S.1990.

Said Rep. Banks: “The U.S. is $28 trillion in debt and, thanks to the Biden administration’s reckless, unprecedented spending, that number will increase by 50% over the next decade. Congress has voted to change the debt limit seventeen times since 2001, but Congress has voted to increase the federal deficit hundreds of times over the same span. My bill would force politicians to confront the fiscal impact of their vote immediately, instead of passing the buck to whenever the debt limit expires.”

According to a release from Congressman Banks, a “federal debt emergency” is defined as a fiscal year when publicly-held federal debt in the prior fiscal year exceeds 100% of that year’s GDP.

Banks said in a statement “The bill terminates unspent stimulus spending upon the deeming of a “federal debt emergency.”

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