Members of Congress are considering proposals for a bipartisan fiscal commission that would provide recommendations for lawmakers to consider that would help rein in widening budget deficits and the growing national debt.
The U.S. national debt topped $33 trillion for the first time in history this fall, while the federal budget deficit widened by 23% to $1.7 trillion in the recently completed fiscal year 2023, according to the nonpartisan Congressional Budget Office. Meanwhile, key trust funds for Social Security and Medicare are projected to be depleted in the next decade, which would result in benefit cuts if lawmakers do not address those shortfalls.
Against that backdrop, the House Budget Committee held its second hearing on a bipartisan fiscal commission on Thursday and considered three bills that would outline its establishment – though it is unclear when or if either chamber of Congress will take them up for a vote.
While each bill varies, in general, the proposals would allow both parties to appoint members to the commission, which would present Congress with a range of ways to raise tax revenue or cut spending to address the deficit and debt.
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“With our nation staring down nearly $34 trillion in debt, members across the aisle know that our spending is unsustainable, and we must change course,” said House Budget Committee Chairman Jodey Arrington, R-Texas. “While a commission is not a fix-all, it can offer a productive, depoliticized forum for educating the public and identifying solutions regarding our deficit spending and long-term unfunded liabilities.”
“As we continue to work toward developing the most productive parameters for a fiscal commission in the 118th Congress, the House Budget Committee will continue to platform productive, bipartisan conversations like the ones at today’s hearing,” Arrington added.
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House Budget Committee Ranking Member Brendan Boyle, D-Pa., noted that the panel’s prior hearing with lawmakers from prior Congresses who participated in similar commissions in the past were ultimately unsuccessful in securing meaningful fiscal reforms.
“I thought the panel we had a couple of weeks ago of those former members of the House who participated in prior commissions talked about their experiences, every one of those commissions ultimately ended in failure,” Boyle said.
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He added that ultimately, a commission cannot compel Congress to act, and lawmakers will have to put up votes to implement its recommendations.
“Whether it’s a commission or some other process, it will come down to individuals voting from a couple menus of options. And the main menu will have either more revenues, or cuts, or some combination thereof. And you can have the greatest, biggest blue ribbon and put that on a commission. That won’t be a substitute for the fact that ultimately, individuals will have to put up a vote, either saying yes, this is how we’re going to raise more revenue, or yes, this is how we’re going to enact cuts.”
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While a fiscal commission faces headwinds – including partisanship and procedural hurdles in Congress – a bipartisan fiscal commission has the potential to stabilize America’s dire budgetary challenges, said Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget.
“Our country is up against incredibly steep fiscal challenges in the years ahead, and what we need now is the kind of thoughtful and earnest leadership so often missing in Washington,” MacGuineas told FOX Business. “That’s what makes this idea so refreshing: a bipartisan fiscal commission would allow serious leaders to put everything on the table – taxes, spending, and our critically important trust funds – and do what’s right for our long-term health.”
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“Commissions don’t make everyone happy, but they can help set us on a better fiscal course,” she added. “We commend lawmakers who stand up in the name of bipartisanship to enact a fiscal commission.”