Fiscal Contingency Preparedness Act

Key Points

• The Fiscal Contingency Preparedness Act would require the Treasury Department to study how the U.S. government would handle the costs of major national emergencies. This includes looking at the financial impact of things like a deep recession, a global pandemic, or a large-scale cyber attack.
• Government officials would have to estimate both the immediate costs and the long-term debt that could result from these crises. By looking at past events, they would try to predict how much money the government might need to spend to keep the country running during a disaster.
• The goal is to help Congress and the public understand the risks to the nation's finances before a crisis happens. A separate government watchdog, the GAO, would review these reports to make sure the math is correct and the planning is thorough.

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