Fiscal Contingency Preparedness Act

The Fiscal Contingency Preparedness Act would require the Treasury Department and Office of Management and Budget to conduct annual assessments, known as fiscal stress tests, evaluating the federal government's ability to respond to potential fiscal shocks such as recessions, energy crises, and national security threats. The Government Accountability Office would independently review these assessments and publish findings for Congress and the public.

Proponents argue the bill would provide policymakers with critical information about fiscal vulnerabilities and help prepare for emergencies before they occur, similar to stress tests required for large banks. The bill has bipartisan support and has passed committee review, making it eligible for a floor vote. If enacted, it would create a regular process to measure the government's fiscal condition and help inform budget decisions during crises.