Fiscal Commission Would Be Step In the Right Direction

Representatives Bill Huizenga (R-MI) and Scott Peters (D-CA), Co-Chairs of the Bipartisan Fiscal Forum, this week introduced bipartisan legislation to establish a fiscal commission. They were joined by 27 colleagues from both parties.

The proposed commission would include 16 members—12 lawmakers and four outside experts—appointed by Congressional leadership. It would be tasked with putting forward recommendations to stabilize the national debt at 100 percent of the economy by 2039 as well as achieve 75-year solvency for federal trust funds. If a majority of lawmakers on the commission, including at least two from each party, approve the recommendations, the plan would receive expedited consideration in Congress.

Last Congress, the House Budget Committee advanced this bill on a bipartisan vote. Prior to the markup, the Budget Committee held hearings on the topic. Seven out of the eight lawmakers who testified supported a commission.

The idea to establish a fiscal commission has had broad bipartisan support, including from members of the House Problem Solvers Caucus, a bipartisan majority of the Senate, a diverse group of experts and thought leaders, former senators and representatives from both parties, among others.

The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:

It’s encouraging to see lawmakers from both parties come together to address one of the toughest challenges we face: our growing national debt. A bipartisan fiscal commission would be a welcome first step in finally getting our borrowing under control.

Over the past two decades, the national debt has tripled as a share of the economy. We’ve gone from surpluses at the turn of the century to deficits approaching $2 trillion annually. Interest costs are now the second largest line item in the federal budget, already exceeding what we spend on defense, Medicare, or children. By mid-century, it will become the single largest federal expenditure.

Meanwhile, the Highway Trust Fund and Social Security retirement trust fund will be insolvent within a decade. Without changes, the average couple retiring in 2033 will receive a $16,500 cut in their Social Security benefits.

A bipartisan fiscal commission would give the country’s fiscal situation the attention it urgently deserves. Fixing our growing debt will not be easy, but the Fiscal Commission Act would create a venue for serious, cross-party dialogue and help pave the way toward a more sustainable fiscal future. We commend Representatives Huizenga and Peters, Co-Chairs of the Bipartisan Fiscal Forum, for their leadership in putting forward a thoughtful, serious proposal to confront one of our greatest long-term challenges.

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For more information, please contact Matt Klucher, Assistant Director of Media Relations, at klucher@crfb.org.