The Fiscal Stability Act of 2023 establishes a 16-member bipartisan commission tasked with developing recommendations to improve the federal government's long-term financial health. The commission would include 12 members of Congress (split evenly between parties) and 4 outside experts, with a deadline of May 1, 2025 to propose an implementing bill that reduces the national debt-to-GDP ratio to no more than 100 percent by fiscal year 2039 and improves the solvency of federal trust fund programs. The bill affects all Americans by addressing major federal spending issues including discretionary spending, mandatory spending programs, and tax revenues. The legislation provides funding for the commission through the Senate's contingent fund and creates expedited congressional procedures to ensure that any commission-approved implementing bill receives an up-or-down vote in both chambers without amendments or extended delays. The commission would automatically dissolve 30 days after submitting its final report to Congress.
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