Sens. Joe Manchin, D-W.Va., and Mitt Romney, R-Utah, have introduced bipartisan legislation to establish a bicameral fiscal commission that would present legislative solutions to strengthen the federal government’s long-term fiscal health.
The Fiscal Stability Act aims to stabilize the nation’s finances for future generations and decrease the national debt now exceeding $33.6 trillion, more than double what it was a decade ago, Manchin’s office said Thursday.
The 16-member commission will produce a report and propose legislation to improve the government’s fiscal condition, stabilize debt-to-GDP ratio within 15 years and enhance the solvency of federal trust funds over a 75-year period.
The Speaker of the House, House Minority Leader, Senate Majority Leader and Senate Minority Leader will each appoint three elected officials and one outside expert to the commission.
“Our national debt weakens our economic and national security and jeopardizes our leadership on the international stage. If we cannot come together to rein in this looming crisis, we will be failing the American people and harming the well-being of our future generations,” Manchin said.
Co-sponsors of the bill are Sens. Todd Young, R-Ind.; Kyrsten Sinema, I-Ariz.; Cynthia Lummis, R-Wyo.; John Hickenlooper, D-Colo.; John Cornyn, R-Texas; Mark Warner, D-Va.; Thom Tillis, R-N.C.; and Jeanne Shaheen, D-N.H.
