Broad, Bipartisan Support for a 3% Deficit Target

Representatives Bill Huizenga (R-MI) and Scott Peters (D-CA), co-chairs of the Bipartisan Fiscal Forum (BFF), joined by Representatives Lloyd Smucker (R-PA) and Mike Quigley (D-IL), along with the entire BFF Steering Committee, introduced a resolution in support of a 3% deficit-to-Gross Domestic Product (GDP) target last month. 

The resolution expresses the sense of the House of Representatives that the United States should reduce and maintain the federal unified budget deficit at or below 3% of GDP while acknowledging that the deficit for fiscal year 2025 was roughly 6% of GDP and interest costs are now projected to total over $1 trillion each year going forward. You can find more information on the resolution here.

Support for a 3% deficit-to-GDP target is broad and bipartisan. The fiscal target is supported by approximately 40 former government officials, including senators, Members of Congress, Office of Management and Budget directors, Congressional Budget Office directors, governors, and other senior budget and economic officials. Outside government – private-sector leaders, thought leaders, and organizations – from Warren Buffett and Ray Dalio to The Washington Post Editorial Board have argued that a 3% deficit would meaningfully improve the nation’s fiscal outlook.  

Below are some of those who have spoken in support of a 3% deficit-to-GDP target...

Jeremy Dalrymple, Associate Policy Director, Governance Program, R Street Institute: "...This is an achievable, reasonable target that would slow our accumulation of debt and help move toward long-term fiscal sustainability..."