WASHINGTON – Congressman Kevin Brady (TX-08) and Senator Mike Braun (R-IN) have reintroduced the Maximizing America’s Prosperity (MAP) Act, a bill that provides a roadmap to fiscal sanity.
“As our national debt continues to climb, I’m reintroducing the MAP Act with Congressman Brady which aims to cap and gradually decline federal spending to lead to a more balanced budget,” said Senator Mike Braun. “With a national debt of $30 trillion, it is time to curb runaway spending and put America back on the path to prosperity, and the MAP Act is a commonsense solution.”
“Washington doesn’t have a revenue problem, it has a spending problem; and the best way for Congress to approach this issue is by committing to smarter federal spending caps,” said Congressman Brady. “We’re introducing the MAP Act to put America’s budget back on a path to sustainable financial solvency. It is my hope that Congress can come together to pass this act swiftly and finally rein in federal spending.”
Representative Kevin Hern (OK-01) said, “Republicans and Democrats alike have had a spending problem in recent years. Our reckless spending has put us on the path to unimaginable debt, but it’s not too late to take corrective action. Spending caps will prevent lawmakers on either side of the aisle from growing our deficits beyond repair, and they will safeguard our future by encouraging responsible budgeting practices.”
“By the end of 2022 the national debt will exceed our annual GDP for the first time since World War II,” said Representative Jim Banks (IN-03). “Congress added more to our national debt in the past year than it did from 1776 to 1994. The MAP Act would force Congress to acknowledge the necessity of a sustainable budget and cut back on its runaway spending.”
“The MAP Act presents a proven and reasonable way to get our fiscal house in order. While others are distracted by clickbait issues of the day, Representative Brady and Senator Braun stand among the few in Washington set on tackling the primary issue threatening the prosperity and endurance of our nation: the unacceptable status quo of spending growth that has hurled us nearly $30 trillion in debt,” said Adam Brandon, President of FreedomWorks.
“I applaud Congressman Brady and Senator Braun for introducing the MAP Act to rein in the unprecedented level of federal spending we are seeing today,” said Kevin Roberts, Chief Executive Officer of the Texas Public Policy Foundation. “Working families across the country live within their means and states like Texas balance their budget every year. It is time the federal government follows suit for the sake of the country.”
BACKGROUND
Under the MAP Act, primary spending would gradually decline from 18.9% of potential GDP in FY2022 to 17.7% of potential GDP in FY2030, capping spending at 17.5% annually thereafter.
The Maximizing America’s Prosperity (MAP) Act would:
- Cap what congress can control – today’s discretionary and mandatory spending.
- Require a spending reduction report which includes estimated total spending, estimate of potential GDP, and spending reduction percentage to achieve the applicable percent of potential GDP
- Require the President to prioritize all spending programs in his budget submission in order from most essential to least essential
- Set aside one percent of the budget each year to better prepare and plan for emergencies.
