Shaheen Helps Introduce Bipartisan Fiscal Commission Act

(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) recently helped introduce 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 stabilize the federal debt, which now exceeds $30.8 trillion. The bill is led by U.S. Senators John Curtis (R-UT) and Angus King (I-ME).

“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.”

The national debt now exceeds $30.8 trillion, which now exceeds the entire U.S. economy. The reconciliation bill passed this year is projected to add more than $4 trillion to the deficit, and 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.

Under the Fiscal Commission Act:

• A 16-member bipartisan, bicameral commission consisting of 12 elected officials and four outside experts would be established
• 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

In addition to Shaheen, Senators Thom Tillis (R-NC), Chris Coons (D-DE), Todd Young (R-IN), Tim Kaine (D-VA), Bill Cassidy (R-LA), Kevin Cramer (R-ND) and Mark Warner (D-VA) are cosponsors of the legislation.

Click HERE to view a one-pager on the Fiscal Commission Act.

Click HERE to view bill text.

Shaheen remains committed to fiscal responsibility and has led efforts in the Senate to tackle the national debt. Along with Shaheen’s historic support for the Fiscal Commission Act, Shaheen has also introduced the bipartisan Biennial Budgeting and Appropriations Act to reform the way Congress allocates federal dollars and strengthen oversight of government spending.

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