Legislation recently reintroduced in the U.S. House of Representatives would address national debt by establishing a bipartisan, bicameral fiscal commission.
The legislation was advanced by the House Budget Committee in 2024.
The Fiscal Commission Act would create a 16 member commission tasked with identifying policies to improve the fiscal situation in the medium term and to achieve a sustainable debt-to-GDP ratio at or below 100 percent within 10 years.
It would have three tasks:
The commission must educate the American people and bringing awareness to the debt crisis.
It will propose recommendations that balance the budget at the earliest reasonable date.
It will propose recommendations that improve the long-term fiscal outlook.
Any recommendations must be sent to Congress during the week following the 2026 election or, if the commission votes to extend its timeline, no later than April 13, 2027.
The commission’s members would be appointed by congressional leaders. Four members would be from the private sector and would be nonvoting members. The members must be appointed within 60 days of the bill’s enactment.
The commission would be required to hold at least six public hearings, conduct a public awareness campaign, receive assistance from agencies and congressional committees, and issue an interim report.