WASHINGTON, July 15 (UPI) -- U.S. Rep. Mike Quigley, D-Ill., introduced a bill Thursday to "force the federal budget to accurately account for all money spent."
"Solving our debt problem is nearly impossible when we are incapable of knowing how much we spend," Quigley said in a statement introducing the Transparent and Sustainable Budget Act of 2010. "We must begin with an honest budget and a commitment to make sure we leave future generations a solvent federal government."
"Year after year of deficit spending has brought the national debt to an unsustainable level, and we must establish aggressive, realistic goals to reduce the national debt," said Quigley's cosponsor, Rep. Bill Foster, D-Ill. "The Transparent and Sustainable Budget Act of 2010 is a collection of common-sense reforms that will put us on a path to successfully reducing deficit spending and ensure that taxpayer dollars are used efficiently and effectively."
Public debt has never been more than 120 percent of gross domestic product in U.S. history, but current projections show the debt level could be twice the size of the U.S. economy by 2025, Quigley said.
