Fiscal Responsibility Commission: Planning for a Sustainable US Budget
This act establishes a new commission tasked with finding ways to improve the nation's financial situation and ensure long-term budget stability. Its goal is to balance the budget and reduce public debt, which could impact future government spending and taxes, and thus citizens' finances.
Key points
Establishment of the National Commission on Fiscal Responsibility and Reform, composed of 18 members, including representatives from both political parties.
The commission's duty is to propose recommendations to balance the federal budget (excluding interest payments on debt) within 10 years and improve the long-term fiscal outlook, including entitlement spending.
The commission must submit a final report with recommendations within one year of its establishment, which will be submitted to Congress and made public.
The U.S. President will be required to submit a proposed joint resolution to Congress based on the commission's recommendations, subject to expedited legislative consideration.
Introduced
Additional Information
Print number: 119_HR_222
Sponsor: Rep. Case, Ed [D-HI-1]
Process start date: 2025-01-07