Source: United States House of Representatives – Congressman Bill Huizenga (MI-02)
Yesterday, Bipartisan Fiscal Forum (BFF) Co-Chairs Bill Huizenga (R-MI) and Scott Peters (D-CA), in addition to Rep. Lloyd Smucker (R-PA), and Rep. Mike Quigley (D-IL), led the BFF Steering Committee to introduce the bipartisan House Resolution (H.Res.981) establishing a clear fiscal goal: reducing the federal budget deficit to 3% of gross domestic product (GDP) or lower. Known as the “3% Resolution,” this measure proves growing bipartisan agreement that Congress must adopt a concrete, achievable target to begin restoring fiscal discipline and confronting the nation’s escalating debt crisis.
With the federal deficit hovering around 6% of GDP in Fiscal Year 2025, national debt at historic levels, and other warning signs flashing across the economy, the 3% Resolution boldly calls out these facts and outlines a straightforward, no-nonsense framework for action to put the nation on a more sustainable fiscal path and protect future generations from severe economic consequences.
You can read the text here. The 3% Resolution is also cosponsored by the entire BFF Steering Committee: Reps. Ed Case (D-HI); Steve Womack (R-AR); Jimmy Panetta (D-CA); Erin Houchin (R-IN); Marie Gluesenkamp Perez (D-WA); Blake Moore (R-UT); Chrissy Houlahan (D-PA); Dusty Johnson (R-SD); Jared Golden (D-ME); Ron Estes (R-KS), as well as House Budget Chairman and BFF Co-Chair Emeritus Jodey Arrington (R-TX).
“The 3% Resolution demonstrates that Members of Congress from both sides of the aisle recognize not only the unsustainable trajectory of our national debt, but the urgency in which it needs to be addressed as well,” said Congressman Bill Huizenga, Co-Chair of the Bipartisan Fiscal Forum. “This resolution sets a fiscal benchmark and emphasizes a disciplined budget process. Adopting this measure will help prioritize federal spending today while protecting the financial wellbeing of the next generation of Americans. This is not an aspirational target; it is the minimum standard necessary to preserve America’s long-term economic security.”
“Our country borrows nearly $2 trillion every year just to pay our expenses. As government borrowing grows, there will be less money available in the system to help San Diegans afford homes, invest in their businesses, or take out loans. We cannot let bad fiscal policy crowd out working families. In order to get America’s fiscal house in order, we need to clearly define what success looks like. If we reduce our annual borrowing to 3 percent of the total size of our economy, we will set a goal and benchmark we can look at every year to evaluate: are we doing better or worse than last year? I look forward to working with my colleagues to pass this resolution and make clear Congress is serious about getting our economy back on track,” said Congressman Scott Peters (D-CA), Co-Chair of the Bipartisan Fiscal Forum.
“We are on an unsustainable fiscal path, and the window to change course before risking a sovereign debt crisis is rapidly closing. But this challenge is still solvable—and setting a realistic fiscal target that has bipartisan buy-in is critical towards putting our nation back on stable footing,” said Congressman Smucker (R-PA). “This resolution builds on ongoing efforts in Congress to address the national debt by establishing a bipartisan benchmark for responsible fiscal governance. Reducing our budget deficit to 3 percent of GDP or less is an achievable goal that, if reached, would have a great impact on stabilizing our debt and growing our economy. Our debt is the greatest long-term threat to our nation, and fixing our fiscal trajectory is essential to securing America’s economy for generations to come.”
“Years of reckless budgeting have brought the national debt to an unsustainable level. If left unchecked, interest on the debt will crowd out spending on defense, health care, and every other government service,” said Congressman Mike Quigley (D-IL). “We must establish aggressive, realistic goals like a 3 percent deficit-to-GDP ratio to reign in our nation’s debt and ensure future generations are not handed a fiscal crisis.”
In addition to the entire BFF Steering Committee cosponsoring the legislation, the 3% Resolution gained significant support right out of the gate.
This resolution is a first step toward fixing our fiscal trajectory and will help build bipartisan consensus in favor of a sustainable budget framework. A fiscal goal should be aggressive enough to help fix the problem but realistic enough to be achievable, which is exactly what this resolution encourages. I am hopeful that this resolution will serve as a catalyst toward reducing deficits and I commend Representatives Huizenga (R-MI), Peters (D-CA), Smucker (R-PA) and Quigley (D-IL) for introducing it. Policymakers should get to work on putting in place the necessary policies to get the national debt on a downward sustainable path, taking no options off the table. — Maya MacGuineas, President, Committee for a Responsible Federal Budget
Reining in the deficit is essential for protecting taxpayers and preserving economic opportunity. This bipartisan resolution by Reps. Bill Huizenga (R-MI) and Scott Peters (D-CA) establishing a 3 percent deficit-to-GDP goal over five years provides a meaningful benchmark for getting our fiscal house in order. The best way to meet this target is for Congress to pursue thoughtful, long-term spending reforms and tax policies that encourage investment, work, and innovation. The resolution also gives the Congressional Budget Office an important role in assessing how major legislation would affect progress toward meeting these deficit-reduction goals, helping to keep lawmakers on track. — Demian Brady, Vice President of Research, National Taxpayers Union Foundation
The United States is adding debt faster than ever due to a fundamental, structural imbalance between spending and revenue in our budget. This bipartisan resolution not only recognizes the urgency of taking action on fiscal solutions, it outlines a critically important budget process for setting a meaningful fiscal target that would put us on a much stronger and more sustainable path for the future. — Brett Loper, Executive Director, Peterson Solutions Fund
The House is right to rally around a 3 percent deficit target. It isn’t a moonshot; it’s the minimum viable level of protection a modern economy needs to avoid drifting into a debt crisis. Getting back under 3 percent isn’t fiscal heroism but merely the price of keeping optionality, stability, and control in our own hands. Still, in an environment where leadership continues to duck the issue, we congratulate Reps. Huizenga, Peters, Smucker, and Quigley and thank them for their leadership. — William Glass, Policy Director, Millennial Debt Foundation
The nation’s large and growing debt hurts everyday Americans — driving up costs for families and weighing down future growth. By rallying around a 3%-of-GDP deficit target, Representatives Peters, Huizenga, Smucker, and Quigley are charting a bipartisan path toward a brighter economic future. BPC Action urges Congress to get serious about our unsustainable debt and adopt this goal. — Michele Stockwell, President, BPC Action
Only Congress can fix federal finances. That’s why it’s good to see an emerging new framework from Representatives Huizenga, Peters, Smucker, and Quigley: reduce the deficit to 3 percent of GDP through an effective congressional budget process with credible backstops. Building consensus on the goals can open the door to serious conversations about how to get there. — Kurt Couchman, Senior Fellow in Fiscal Policy, Americans for Prosperity