King, Curtis, Colleagues Introduce Bipartisan, Bicameral Legislation to Cut National Debt and Strengthen America’s Fiscal Health

March 10, 2026
WASHINGTON, D.C.— U.S. Senators Angus King (I-ME) and John Curtis (R-UT) are introducing bipartisan legislation to strengthen America’s fiscal health and stabilize the nation’s finances for future generations. TheFiscal Commission Actbill would create a bipartisan, bicameral fiscal commission tasked with finding legislative solutions to stabilize spending and evaluate revenues with the goal of decreasing the national debt. The commission would be required to hold field hearings and complete a public awareness and education campaign on its work.
The national debt now exceeds $38.8 trillion, which isapproximately124% of the entire U.S. economy. Both parties are responsible—fiscal policies enacted by both Democrats and Republicans have led to soaring annual budget deficits, whichtotaled$1.7 trillion in calendar year 2025 alone. It’s projected that the federal government willspendmore 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.
“Right now, the national debt breaks downto 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.“TheFiscal Commission Actwill 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.”
“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 theFiscal 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.”
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).
More specifically, the legislation would:
Companion legislation with more than 40 bipartisan cosponsors has also been introduced in the U.S. House of Representatives.
A one-pager on the legislation is availablehere, and the full bill text is availablehere.
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