Fiscal Commission Act

Summary#

This bill creates a Fiscal Commission in Congress to study the Nation's fiscal outlook and recommend laws to improve long-term federal finances. The Commission must be set up within 60 days of enactment, have 16 members (lawmakers plus 4 nonvoting outside experts), and be co-chaired by two members selected by congressional leaders. The Commission must identify policies to reduce debt and deficits, target a public debt-to-GDP ratio of no more than 100% by fiscal year 2039, and propose changes that keep Federal trust funds solvent for at least 75 years. The Commission may hold at least 6 hearings, prepare a report and legislative language, require Congressional Budget Office estimates, and run a national public awareness campaign. If the Commission approves legislative language, that implementing bill must be submitted to the President and congressional leaders and receives expedited, no-amendment consideration in both Houses. The Commission terminates 30 days after it submits its report. Funding is provided equally from Senate and House accounts.

What it means for you#

  • The bill itself does not change taxes or benefits. It creates a temporary commission to study the federal fiscal outlook and recommend specific laws.
  • If the Commission approves legislative language, Congress must consider that text under fast-track rules with limited debate and no amendments.
  • The Commission will make public its report and legislative language shortly after approval and run a national campaign to explain fiscal findings.

Expenses#

  • The bill authorizes the Commission to incur necessary expenses similar to the Joint Economic Committee and to use Senate and House funds.
  • Funding is to come in equal parts from a Senate contingent fund account and applicable House accounts.
  • No dollar amounts or total cost estimates are provided in the bill text or metadata.

Proponents' View#

  • The bill states the Commission’s goals are to educate the public about the Nation's fiscal path, warn that rising debt poses a significant long-term risk, and identify policies to reduce debt and improve sustainability, including meeting a target debt-to-GDP ratio and ensuring long-term trust fund solvency.

Opponents' View#

No publicly available information.