Young, Colleagues Introduce Fiscal Commission Act

WASHINGTON –U.S. Senator Todd Young (R-Ind.) joined Senators John Curtis (R-Utah) and Angus King (I-Maine) to introduce theFiscal Commission Act,legislation to strengthen America’s fiscal health. 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.
“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.”
“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.”
U.S. Senators Thom Tillis (R-N.C.), Chris Coons (D-Del.), Tim Kaine (D-Va.), Bill Cassidy (R-La.), Jeanne Shaheen (D-N.H.), Kevin Cramer (R-N.D.), and Mark Warner (D-Va.) also joined the legislation.
Background:
The national debt now exceeds $38.8 trillion, which isapproximately124% of the entire U.S. economy. 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. Full bill text is availablehere.