Submitted by U.S. Senator Todd Young
U.S. Senator Todd Young (R-Ind.) joined Senators John Curtis (R-Utah) and Angus King (I-Maine) to introduce the Fiscal Commission Act, legislation to strengthen America’s fiscal health. The bill would create a bipartisan, bicameral fiscal commission tasked with finding legislative solutions to stabilize spending and decrease the national debt, which now exceeds $38.8 trillion.
Young
“Our nation’s finances must be stabilized for future generations,” Sen. Young said. “I’ve long been a supporter of creating a fiscal commission to examine federal spending in a non-partisan way. We must identify areas for meaningful reforms and then enact real change to get our budget and debt under control.”
U.S. Senators Thom Tillis (R-N.C.), Chris Coons (D-Del.), Tim Kaine (D-Va.), Bill Cassidy (R-La.), Jeanne Shaheen (D-N.H.), Kevin Cramer (R-N.D.), and Mark Warner (D-Va.) also joined the legislation.
Background
The national debt now exceeds $38.8 trillion, which is approximately 124 percent of the entire U.S. economy. It’s projected that the federal government will spend more than $1 trillion on interest on the debt alone in 2026, making it a larger expenditure than Medicare and national defense, and second only to Social Security.
How it works
- The legislation would establish a 16-member bipartisan, bicameral commission consisting of 12 elected officials and four outside experts. The Speaker of the House, House Minority Leader, Senate Majority Leader, and Senate Minority Leader each appoint four individuals to the Commission, of which three must be members from their respective chambers and one must be an outside expert.
- The Commission would produce a report and propose legislation aiming to improve the long-term fiscal condition of the Federal Government, stabilize the ratio of public debt to GDP within a 15-year period, and improve the solvency of Federal trust funds over a 75-year period.
- The Commission would be required to vote on approval of the report and legislative language by May 17, 2027.
- Any report or legislative language produced by the Commission must be approved by a majority of the 12 elected official members, with at least two being from each party.
- If the Commission approves proposed legislative language, it would receive expedited consideration in both chambers.
- While 60 votes would be required to invoke cloture prior to final passage in the Senate, only a simple majority would be needed for the motion to proceed, which would be privileged.
Click here to read one-pager on the legislation. Click here to read the full text of the bill.