WASHINGTON, D.C. - Years of unfettered mandatory federal spending have resulted in a ballooning national debt. To address this, a bipartisan group of lawmakers in Washington has introduced a bill to set a sustainable target for federal spending. U.S. Senators Kevin Cramer (R-ND), member of the Senate Banking, Housing, and Urban Affairs Committee, and Angus King (I-ME) teamed up to introduce the 3% Resolution to support the goal of reducing the federal budget deficit to 3% of gross domestic product (GDP) by 2030.

“It sure doesn’t take an economist to recognize the fiscal path we’re on is unsustainable, we all know that,” said Cramer. “Congress controls the purse and it’s long past time we address this imbalance of our ledgers. It is not going to happen without laser focus on economic growth and a willingness to look at every facet of the federal budget. Our 3% Resolution is a roadmap to what I consider fiscal sustainability, and I’m looking forward, and plead with my colleagues to work together on both sides of the aisle and both sides of the Capitol, as we focus our efforts to deliver greater economic growth, for our country, for our people, and ultimately, our fiscal situation.”

“Restoring fiscal discipline isn’t about politics—it’s about responsibility,” said King. “Our 3% Resolution sets a clear, achievable target to benchmark progress on the deficit to stabilize our economic growth trajectory. Sound economic policy will take members of both parties working together to evaluate spending and revenues to create a better future for the next generation.”

Last month in a Senate Banking Committee hearing, Cramer and Secretary of the Treasury Scott Bessent discussed the resolution and the need to reduce the budget deficit through decreased government spending. While the debt to GDP ratio has been reduced to 5.4%, Bessent explained, “My target is something that begins with a 3 by the end of President Trump’s term [in 2029].” Bessent echoed Cramer’s comments on working both sides of the ledger, saying “as we bring down government spending, it will bring down rates and bring down inflation.”

“The best way to tackle a daunting fiscal challenge is to set a clear, achievable goal and then build a practical plan to reach it,” said Maya MacGuineas, President of the Committee for a Responsible Federal Budget.“Senators Cramer and King, joined by Senators Peters and McCormick, are taking an important step by putting forward a 3 percent deficit-to-GDP target to help stabilize the nation’s fiscal trajectory. We hope their colleagues will come together to meet this moment and begin the real bipartisan work of putting our budget on a more sustainable path.”

“The nation’s large and growing debt hurts everyday Americans — driving up costs for families and weighing down future growth,” said MicheleStockwell, President of BPC Action. “By rallying around a 3%-of-GDP deficit target, Senators Cramer, King, McCormick, and Peters 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.”

U.S. Senators Dave McCormick (R-PA) and Gary Peters (D-MI) joined Cramerand King as cosponsors. U.S. Representative Bill Huizenga (R-MI-04)introduced similar legislation in the U.S. House of Representatives.

Click here for bill text.