Kaine, 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, D.C.— Today, U.S. Senator Tim Kaine (D-VA) joined U.S. Senators John Curtis (R-UT) and Angus King (I-ME) and other colleagues in introducing 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.
“We must find a bipartisan path forward to address our nation’s debt while preserving vital programs that Americans rely on,”said 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."
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.
TheFiscal Commission Actwould:
In addition to Kaine, Curtis, and King, the legislation is cosponsored by U.S. Senators Thom Tillis (R-NC), Chris Coons (D-DE), Todd Young (R-IN), Bill Cassidy (R-LA), Jeanne Shaheen (D-NH), Kevin Cramer (R-ND), and Mark R. Warner (D-VA).
The full bill text is availablehere.
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