Curtis, King, Colleagues Introduce Bipartisan Fiscal Commission Act

Legislation would create a bicameral fiscal commission to find legislative solutions to stabilize and decrease the national debt
WASHINGTON—U.S. Senators John Curtis (R-UT) and Angus King (I-ME) today introduced theFiscal 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 decrease the national debt, which now exceeds $38.8 trillion.
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).
“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.”
“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.”
“Washington cannot ignore the serious fiscal challenges facing our country as the national debt continues to grow,”said Senator Tillis.“This bipartisan, bicameral fiscal commission brings lawmakers together to do the hard work of identifying practical, achievable solutions that put America on a more sustainable path. I’m proud to support this effort to strengthen our economic outlook for the next generation.”
“America’s growing national debt places unfair burdens on future generations and threatens our economic security,”said Senator Coons.“If we’re going to solve this challenge, Democrats and Republicans will need to work together and find responsible, sustainable solutions to get our debt under control while protecting the investments that help American families thrive. I’m proud to work with colleagues on both sides of the aisle on the Bipartisan Fiscal Commission Act to confront this challenge and help put our nation on a more sustainable fiscal path.”
“Our nation’s finances must be stabilized for future generations,”said Senator Young.“I’ve long been a supporter of creating a fiscal commission to examine federal spending in a non-partisan way. We must identify areas for meaningful reforms and then enact real change to get our budget and debt under control.”
“We must find a bipartisan path forward to address our nation’s debt while preserving vital programs that Americans rely on,”said Senator Kaine.“That’s why I’m introducing this bipartisan legislation with my colleagues that would create a commission so we can have this important dialogue and take steps toward addressing the debt.”
“If Louisiana families have to budget, so should the federal government,”said Dr. Cassidy.“We’re addressing this to protect our economy today and make sure our kids aren’t stuck with the bill.”
“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 time to get serious about the national debt was about $38 trillion ago, but now is the second-best time,”Said Senator Cramer.“We let our national debt balloon out of control and now we need to have honest, serious conversations about the drivers of the problem. The Fiscal Commission Act will force Republicans and Democrats to confront the problem, and put us on the path toward a fiscally sustainable future.”
“Our country needs practical, comprehensive solutions to tackle our long-term fiscal challenges and national debt problem,”said Senator Warner.“This bipartisan commission will bring together public and private sector experts so that we can stabilize the debt, protect critical programs that working families rely on like Medicare and Social Security, and ensure a bright economic future for our children and grandchildren.”
“Forcing Congress to comprehensively and definitively address the national debt through the Fiscal Commission Act could be our last best chance to protect our nation’s financial future. Generations of Americans’ retirements, healthcare, affordability, and national security are at stake,”said Representative Bill Huizenga.“Today’s introduction proves that establishing a fiscal commission is still, in fact, the most bipartisan, practical, and immediate way to finally stop kicking the can down the road. I’m glad to partner with Senators Curtis and King on this important bipartisan effort.”
Background:
The national debt now exceeds $38.8 trillion, which isapproximately124% of the entire U.S. economy. Both parties are to blame—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.
How It Works:
A one-pager on the legislation is availablehere, and the full bill text is availablehere.