BY DANIEL SON – Washington, DC — Congressman Charles K. Djou (HI-01), along with Congresswoman Gabrielle Giffords (D-AZ), introduced the “Truth in Spending” Act, which would increase the long-term fiscal accountability of direct spending legislation.
Congressman Djou and Congresswoman Giffords at a press conference today
“My colleagues on both sides of the aisle and I agree: we have a spending problem here in Congress.
“We have to be vigilant in ensuring that future budgetary impacts are projected correctly and that Congress can meet the obligations as they come due. The sustainability of U.S. government services may be among the most important questions of our time and one that we as Congress must deal with now.
“This bill won’t solve our spending problem, but it will improve our accountability.
“The more information the general public has, the better equipped constituents are to hold Congress accountable in truly addressing our growing deficits and ballooning national debt. This bipartisan measure will give us as lawmakers the tools we need to make sure we are good stewards of the people’s money.”
Background:
Congressman Djou, along with Congresswoman Giffords (D-AZ), introduced the “Truth in Spending” Act today with more than 30 cosponsors. The bill will force Congress to abide by the published costs of the legislation that it passes. Congressman Djou is the only Republican sponsor of this measure.
The legislation will require the Office of Management and Budget to check cost estimates for legislation five and 10 years after laws take effect to determine the accuracy of the predictions.
When costs are higher or savings lower than predicted, the Truth in Spending Act creates a fast-track process to reduce excess costs.
This legislation covers future laws and legislation passed from 2005 to the present.
Congressman Djou and Congresswoman Giffords explained the rationale for the bill in a guest opinion piece published Wednesday in The Hill.
DANIEL SON IS A SPOKESPERSON FOR CHARLES DJOU