Shaheen Helps Introduce Bipartisan Fiscal Commission Act

(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) recently helped introduce 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 stabilize the federal debt, which now exceeds $30.8 trillion. The bill is led by U.S. Senators John Curtis (R-UT) and Angus King (I-ME).
“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 national debt now exceeds $30.8 trillion, which now exceeds the entire U.S. economy. The reconciliation bill passed this year is projected to add more than $4 trillion to the deficit, and 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.
Under theFiscal Commission Act:
In addition to Shaheen, Senators Thom Tillis (R-NC), Chris Coons (D-DE), Todd Young (R-IN), Tim Kaine (D-VA), Bill Cassidy (R-LA), Kevin Cramer (R-ND) and Mark Warner (D-VA) are cosponsors of the legislation.
ClickHEREto view a one-pager on theFiscal Commission Act.
ClickHEREto view bill text.
Shaheen remains committed to fiscal responsibility and has led efforts in the Senate to tackle the national debt. Along with Shaheen’shistoric supportfor theFiscal Commission Act,Shaheen has also introduced the bipartisanBiennial Budgeting and Appropriations Actto reform the way Congress allocates federal dollars and strengthen oversight of government spending.
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