Sens. Mitt Romney of Utah and Joe Manchin of West Virginia introduced a bill Thursday that would create a commission tasked with stabilizing the national debt.
Warning that the nation’s finances are “not in order,” Manchin said the bill would address the “unsustainable path” of the country’s debt. “I am proud to introduce this commonsense legislation with my friend and colleague Senator Romney that would create a bipartisan, bicameral fiscal commission to identify comprehensive solutions to bring us back to a sustainable fiscal outlook.”
The details: The bill, called the Fiscal Stability Act, would establish a 16-member commission made up of 12 lawmakers and four outside experts. The commission would be required to produce a report by May 1, 2025, that proposes new legislation outlining specific steps for policymakers to take, with the goal of stabilizing the ratio of public debt to GDP within 15 years and improving the solvency of federal trust funds over a 75-year period. If the commission’s work is approved, the proposed legislation would receive “expedited consideration” in the House and the Senate.
The bill is backed by a group of senators including Republicans John Cornyn of Texas, Todd Young of Indiana, Cynthia Lummis of Wyoming and Thom Tillis