Sen. David Perdue, R-Ga., proposed legislation on Monday that would force the federal government to change the way it accounts for its spending, a step he said is needed to start controlling the nation’s debt after years of huge annual budget deficits.
“Without an honest and accurate assessment of the federal balance sheet, Americans don’t know what the government takes in and what it spends,” Perdue said. “There should be no hidden trust funds or unaccountable spending programs.”
“We can start addressing this financial mess today by adopting cost-control techniques used readily in the business world,” he added.
The bill would require a zero-based budget, a system that deficit hawks have long asked for instead of the current system that assumes some growth from the prior year’s budget.
Perdue’s bill would also require Social Security to be put back “on budget.” The giant program was first treated as “off budget” in the mid-1980s, in part to protect it from possible benefits reductions legislated by Congress.
But now, the program is seen as a huge and growing contributor to the annual budget deficit, and the rising national debt, which eclipsed $19 trillion last week.
Perdue’s legislation would also require the Government Accountability Office to write periodic reports on every federal program with spending authority or permanent appropriations.
Perdue has said he would push for major budget reforms this year part of his five-part plan to reverse the tide of rising debt. He’s also proposing spending cuts, deregulation, and finding ways to promote economic growth.
Perdue’s staff said his Accurate Accounting Act is the first of a series of bills the freshman senator plans to introduce to address the debt.
