The Fiscal Commission Act of 2023 would establish a temporary 16-member commission tasked with developing recommendations to stabilize the federal government's finances and reduce the national debt. The commission would include eight members of Congress (evenly split between parties) and four outside experts, and must be created within 60 days of the bill's enactment. The commission would need to propose policies that stabilize the debt-to-GDP ratio at or below 100 percent within ten years and address long-term spending and revenue challenges, particularly for federal trust funds like Social Security and Medicare. By November 15, 2024, the commission would vote on a final report and legislative recommendations, which require approval from a majority of members including at least three Republicans and three Democrats. Once approved, the commission's proposals would receive expedited consideration in Congress with limited debate and no amendments allowed, streamlining the path to a final vote. Funding for the commission would come equally from Senate and House appropriations accounts, and the commission would terminate 30 days after submitting its report.
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