Legislation would create a bicameral fiscal commission to find legislative solutions to stabilize and decrease the national debt
WASHINGTON—U.S. Senators John Curtis (R-UT) and Angus King (I-ME) today introduced the Fiscal Commission Act, bipartisan legislation to strengthen America’s fiscal health and stabilize the nation’s finances for future generations. The bill would create a bipartisan, bicameral fiscal commission tasked with finding legislative solutions to stabilize spending and decrease the national debt, which now exceeds $38.8 trillion.
Joining Curtis and King as cosponsors of the legislation are Senators Thom Tillis (R-NC), Chris Coons (D-DE), Todd Young (R-IN), Tim Kaine (D-VA), Bill Cassidy (R-LA), Jeanne Shaheen (D-NH), Kevin Cramer (R-ND), and Mark Warner (D-VA).
“Our national debt has ballooned to over $38 trillion—a staggering figure that threatens higher costs for families, fewer economic opportunities, and a heavier burden for future generations,” said Senator Curtis. “Our children and grandchildren need real reform, which is why we’re introducing the Fiscal Commission Act. This legislation creates a bipartisan, bicameral process to develop meaningful solutions to confront our unsustainable debt, safeguard our economic strength, and ensure fiscal stability well into the future.”
“Right now, the national debt breaks down to over $113,000 for every man woman and child in this country—that’s overwhelming and unsustainable. To add insult to injury, payments on interest alone—just this year—have become a larger source of spending than both Medicare and national defense spending,” said Senator King. “The Fiscal Commission Act will ensure that our government works in a bipartisan, bicameral manner to find legislative solutions that stabilize spending and decrease the national debt, since both parties dug this hole and we need to work together to get out of it. This bill is an important step forward in fiscal responsibility for future generations and most importantly moves the country in a direction where the government is a more responsible steward of taxpayer dollars.”
“Washington cannot ignore the serious fiscal challenges facing our country as the national debt continues to grow,” said Senator Tillis. “This bipartisan, bicameral fiscal commission brings lawmakers together to do the hard work of identifying practical, achievable solutions that put America on a more sustainable path. I’m proud to support this effort to strengthen our economic outlook for the next generation.”
“America’s growing national debt places unfair burdens on future generations and threatens our economic security,” said Senator Coons. “If we’re going to solve this challenge, Democrats and Republicans will need to work together and find responsible, sustainable solutions to get our debt under control while protecting the investments that help American families thrive. I’m proud to work with colleagues on both sides of the aisle on the Bipartisan Fiscal Commission Act to confront this challenge and help put our nation on a more sustainable fiscal path.”
“Our nation’s finances must be stabilized for future generations,” said Senator Young. “I’ve long been a supporter of creating a fiscal commission to examine federal spending in a non-partisan way. We must identify areas for meaningful reforms and then enact real change to get our budget and debt under control.”
“We must find a bipartisan path forward to address our nation’s debt while preserving vital programs that Americans rely on,” said Senator Kaine. “That’s why I’m introducing this bipartisan legislation with my colleagues that would create a commission so we can have this important dialogue and take steps toward addressing the debt.”
“If Louisiana families have to budget, so should the federal government,” said Dr. Cassidy. “We’re addressing this to protect our economy today and make sure our kids aren’t stuck with the bill.”
“Our soaring federal debt already adds more than $1,000 to the cost of a typical mortgage—and for the first time, federal interest payments are expected to reach $1 trillion this year, making it our nation’s third largest expense. To ensure America lives up to its promise for generations to come, Congress must do more to address our country’s climbing debt,” said Senator Shaheen. “Our commonsense legislation establishes a bipartisan commission to generate practical solutions that will help reduce our deficits and return us to a sustainable path that advances opportunities for all Americans to get ahead.”
“Our country needs practical, comprehensive solutions to tackle our long-term fiscal challenges and national debt problem,” said Senator Warner. “This bipartisan commission will bring together public and private sector experts so that we can stabilize the debt, protect critical programs that working families rely on like Medicare and Social Security, and ensure a bright economic future for our children and grandchildren.”
“Forcing Congress to comprehensively and definitively address the national debt through the Fiscal Commission Act could be our last best chance to protect our nation’s financial future. Generations of Americans’ retirements, healthcare, affordability, and national security are at stake,” said Representative Bill Huizenga. “Today’s introduction proves that establishing a fiscal commission is still, in fact, the most bipartisan, practical, and immediate way to finally stop kicking the can down the road. I’m glad to partner with Senators Curtis and King on this important bipartisan effort.”
Background:
The national debt now exceeds $38.8 trillion, which is approximately 124% of the entire U.S. economy. Both parties are to blame—fiscal policies enacted by both Democrats and Republicans have led to soaring annual budget deficits, which totaled $1.7 trillion in calendar year 2025 alone. It’s projected that the federal government will spend more than $1 trillion on interest on the debt alone in 2026, making it a larger expenditure than Medicare and national defense, and second only to Social Security.
How It Works:
- The legislation would establish a 16-member bipartisan, bicameral commission consisting of 12 elected officials and four outside experts.
- The Speaker of the House, House Minority Leader, Senate Majority Leader, and Senate Minority Leader each appoint four individuals to the Commission, of which three must be members from their respective chambers and one must be an outside expert.
- The Commission would produce a report and propose legislation aiming to improve the long-term fiscal condition of the Federal Government, stabilize the ratio of public debt to GDP within a 15-year period, and improve the solvency of Federal trust funds over a 75-year period.
- The Commission would be required to vote on approval of the report and legislative language by May 17, 2027.
- Any report or legislative language produced by the Commission must be approved by a majority of the 12 elected official members, with at least two being from each party.
- If the Commission approves proposed legislative language, it would receive expedited consideration in both chambers.
- While 60 votes would be required to invoke cloture prior to final passage in the Senate, only a simple majority would be needed for the motion to proceed, which would be privileged.
A one-pager on the legislation is available here, and the full bill text is available here.