A bipartisan group of U.S. senators is seeking to unite Democrats and Republicans in a collaborative effort to talk about the nation’s unsustainable debt.
The group proposed the Bipartisan Fiscal Commission Act, which would require a report on how the federal government would stabilize the ratio of public debt to gross domestic product within a 15-year period, and improve the solvency of Federal trust funds over a 75-year period. The measure calls for creating a 16-member bipartisan, bicameral commission composed of 12 elected officials and 4 outside experts. Legislative leaders would pick the elected officials and experts.
If the commission approves a report by May 2027, its proposals would receive expedited consideration in both chambers of Congress.
Concord Action Executive Director Carolyn Bourdeaux said it was a first step.
“Financing our $38 trillion debt is driving up interest costs, crowding out private investment, and increasing the risk of inflation and long-term economic stagnation,” she said in a statement. “A bipartisan fiscal commission with meaningful authority and expedited consideration of its recommendations can help break through the gridlock that has stalled progress for too long.”
U.S. Sen. Tim Kaine, D-Va., said the idea is to start a bipartisan discussion.
