Legislation that would create a bicameral fiscal commission to stabilize and decrease the national debt has been introduced in the U.S. Senate.
U.S. Sens. John Curtis (R-UT) and Angus King (I-ME) introduced the Fiscal Commission Act, bipartisan legislation that would strengthen the nation’s fiscal health while stabilizing the nation’s finances for future generations, the law makers said. If passed, the bill would create a bipartisan, bicameral fiscal commission to find legislative solutions to stabilize spending and decrease the nation’s $38.8 trillion debt.
“Our national debt has ballooned to over $38 trillion—a staggering figure that threatens higher costs for families, fewer economic opportunities, and a heavier burden for future generations,” Curtis said. “Our children and grandchildren need real reform, which is why we’re introducing the Fiscal Commission Act. This legislation creates a bipartisan, bicameral process to develop meaningful solutions to confront our unsustainable debt, safeguard our economic strength, and ensure fiscal stability well into the future.”
Co-sponsors of the legislation included U.S. Sens. Thom Tillis (R-NC), Chris Coons (D-DE), Todd Young (R-IN), Tim Kaine (D-VA), Bill Cassidy (R-LA), Jeanne Shaheen (D-NH), Kevin Cramer (R-ND), and Mark Warner (D-VA).
“Right now, the national debt breaks down to over $113,000 for every man, woman and child in this country-that’s overwhelming and unsustainable. To add insult to injury, payments on interest alone—just this year—have become a larger source of spending than both Medicare and national defense spending,” King said. “The Fiscal Commission Act will ensure that our government works in a bipartisan, bicameral manner to find legislative solutions that stabilize spending and decrease the national debt, since both parties dug this hole, and we need to work together to get out of it.”
The legislation would establish a 16-member bipartisan, bicameral commission consisting of 12 elected officials and four outside experts. The commission would be charged with producing a report by May 2027 that outlines legislation aimed at improving the long-term fiscal condition of the Federal Government, stabilizing the ratio of public debt to GDP within 15 years and improving the solvency of Federal trust funds over a 75-year period.