Memo to the JSC: Including Debt Targets in the JSC’s Budget Process Reform Package

The statutory deadline for reporting legislation is moving ever closer, and public statements show a notable portion of the Members of the Joint Select Committee on Budget and Appropriations Process Reform (JSC) are interested in adding some form of debt-to-GDP targets as part of the panel’s recommendations. We strongly endorse including such debt targets as part of a consensus package of reforms; it would be one of the strongest steps the JSC could take. This memo lays out what debt-to-GDP targets are, lays out options to consider with debt targets, and explains why their inclusion in the JSC’s reform recommendations are important.