Bill > S4012

This bill, titled the "Fiscal Commission Act," establishes a commission tasked with educating the public about the nation's fiscal health and proposing solutions to improve it. The commission's goals include reducing the national debt and deficit to ensure the debt-to-gross domestic product (GDP) ratio is not more than 100% by fiscal year 2039, and to improve the solvency of federal program trust funds for at least 75 years. The commission will identify policies to address current and projected gaps between government revenues and expenditures, including changes to "discretionary appropriations" (funds that Congress must approve annually) and "direct spending" (spending required by law, like Social Security). The commission will consist of 16 members, including elected officials and outside experts, with co-chairs appointed from both major political parties. It is required to hold hearings, gather evidence, and produce a report with legislative language for proposed solutions, which will then be subject to an expedited legislative process in both the House of Representatives and the Senate, meaning it will be considered and voted on quickly with limited amendments. The commission will terminate either 30 days after submitting its report or on May 17, 2027, whichever comes first.

Government Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/4012/all-info