Providing that the House of Representatives is committed to restoring America's financial foundation by achieving a Federal spending target of 20 percent of gross domestic product (GDP) and a Federal revenue target of 20 percent of GDP by the end of calendar year 2020.

Declares that the House of Representatives is committed to the pursuit of policies that achieve a federal spending target of 20% of GDP and a federal revenue target of 20% of GDP by the end of the calendar year 2020.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 20 Introduced in House (IH)]

113th CONGRESS
  1st Session
H. RES. 20

 Providing that the House of Representatives is committed to restoring 
 America's financial foundation by achieving a Federal spending target 
  of 20 percent of gross domestic product (GDP) and a Federal revenue 
     target of 20 percent of GDP by the end of calendar year 2020.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 4, 2013

 Mr. Rigell submitted the following resolution; which was referred to 
 the Committee on the Budget, and in addition to the Committee on Ways 
 and Means, for a period to be subsequently determined by the Speaker, 
 in each case for consideration of such provisions as fall within the 
                jurisdiction of the committee concerned

_______________________________________________________________________

                               RESOLUTION


 
 Providing that the House of Representatives is committed to restoring 
 America's financial foundation by achieving a Federal spending target 
  of 20 percent of gross domestic product (GDP) and a Federal revenue 
     target of 20 percent of GDP by the end of calendar year 2020.

Whereas the rate of growth in Federal spending over the past decade is 64 
        percent and the rate of growth in Federal revenues for the same period 
        is 37 percent, a difference of 27 percentage points;
Whereas the 30-year level of Federal spending averages 21.1 percent of GDP;
Whereas under the current Administration's plan, Federal spending will exceed 
        22.8 percent of GDP by 2022;
Whereas the 30-year level of Federal revenues averages 17.7 percent of GDP;
Whereas the national debt exceeds $16 trillion dollars and, according to the 
        non-partisan Congressional Budget Office, is expected to reach $20 
        trillion by 2022;
Whereas absent any change in policy, entitlement spending will consume all 
        Federal revenues by 2049, according to the Congressional Budget Office;
Whereas unfunded liabilities in Medicare are currently $37 trillion dollars, 
        according to the Government Accountability Office;
Whereas 10,000 Americans become eligible for Medicare every day;
Whereas we have a deep obligation to ensure that Medicare, TRICARE, and Social 
        Security continue;
Whereas it is a breach of duty for one generation of Americans to leave the next 
        generation with structural deficits and debt so large that the financial 
        foundation of the Republic is imperiled; and
Whereas to meet our obligation to the next generation of Americans, Federal 
        spending (measured as a percentage of GDP) must decrease, and revenues 
        (measured as a percentage of GDP) must, to a lesser degree and 
        principally through growth, increase: Now, therefore, be it
    Resolved, That the House of Representatives is committed to the 
pursuit of policies that achieve a Federal spending target of 20 
percent of GDP and a Federal revenue target of 20 percent of GDP by the 
end of the calendar year 2020.
                                 <all>