Growing Momentum for a Fiscal Commission in Congress
As we race past $40 trillion in debt, America is facing a growing fiscal challenge. Unfortunately, instead of focusing on the key structural drivers of our debt, lawmakers remain bogged down in short-term budget battles. The good news is that there is growing momentum for a formal effort to look at the big fiscal picture. Lawmakers from both sides of the aisle in both the House and Senate have proposed legislation that would form a bipartisan fiscal commission to recommend spending and revenue solutions to put the United States on a better path and build a strong economic foundation for the country.
Commission Efforts in the House and Senate
The Fiscal Commission Act was introduced in the U.S. House of Representatives on May 8, 2025 — a reintroduction of a similar bipartisan, bicameral commission legislation from the previous Congress. A panel of 16 experts would be tasked with identifying policies to improve the long-term fiscal outlook, to make federal trust funds solvent for at least 75 years, and to bring the public debt-to-GDP ratio to no more than 100 percent by fiscal year 2039. The bill was introduced by Rep. Bill Huizenga (R-MI) and has 42 bipartisan cosponsors (evenly split between Republicans and Democrats) as of September 22, 2026. Co-sponsorship grew by approximately two-thirds since bill’s 2023 version — a sign of mounting urgency for fiscal reform as the national debt has climbed from $33 trillion then to over $40 trillion today.
The Senate version of the bill is almost identical to the House version and was introduced on March 5, 2026, by Sen. John Curtis (R-UT) with nine bipartisan cosponsors. The main difference is that the Senate version requires a detailed statement of macroeconomic effects, whereas the House bill only stipulates that those effects are considered in the commission’s recommendations. Importantly, both bills include an expedited floor procedure that guarantees committee deadlines, limited debate, and no amendments in either chamber if the commission approves a report and legislative language by a bipartisan majority vote.
In addition to the two recent proposals to create a fiscal commission, Rep. Tom Cole (R-OK) introduced the Bipartisan Social Security Commission Act of 2026 to the House. That bill would establish a commission to specifically address the long-term solvency of the Social Security’s trust fund.
Are Fiscal Commissions Effective?
Commissions are used to solve budgetary or other important issues for our nation. Examples include:
- The Greenspan Commission (1983), which extended the solvency of Social Security by 50 years.
- The Base Realignment and Closure (BRAC) Commission (2005), which was used to reorganize key programs and resources in the Department of Defense.
- The National Commission on Fiscal Responsibility and Reform (2010) — also known as Simpson-Bowles.
Commissions can be helpful in focusing attention on critical challenges and moving dialogue outside of entrenched partisan gridlock. However, nothing is a substitute for having lawmakers ultimately enact any recommendations.
Jessica Riedl, formerly of the Manhattan Institute, notes: “A commission does not guarantee success, but it can break some of the partisan gridlock and get the ball rolling on reform.” For example, the Bipartisan Commission on Entitlement and Tax Reform (1993) did not have its 10 recommendations enacted, but it did produce five guiding principles for future work in fiscal policy. Examples of those principles include consideration of effects over a longer time frame and involvement of the public. Also, while the Simpson-Bowles proposal was not enacted, the report raised awareness about the unsustainable fiscal outlook and may have contributed to provisions in the Budget Control Act of 2011.
Ben Ritz, the Director of the Center for Funding America’s Future at the Progressive Policy Institute, says, “Establishing a bipartisan fiscal commission could be the first step towards breaking this fiscal deadlock and setting national priorities. An outside task force with a clear mandate to address the problem would be forced to confront the tradeoffs today’s policymakers have been unwilling or unable to.”
Along with other voices, the Committee for a Responsible Federal Budget (CRFB) supports forming a commission, noting that “commissions have provided a critical platform for bipartisan solutions by facilitating bipartisan discussions, generating innovative policy ideas, and changing the national conversation on important issues.”
To have the best chance at creating fiscal change, CRFB and a collection of policy experts believe commissions should be structured with a few general principles:
- A commission should be bipartisan, with an equal number of members from both parties.
- A commission must be bicameral, with representation from the House and Senate.
- A commission should seek both public engagement and Administration’s buy-in to its work.
- A commission should be made up of lawmakers as well as outside experts to provide technical expertise and a variety of perspectives.
- A commission should look across the entire budget to create a balanced package of reforms.
- A commission’s structure should incentivize producing recommendations and a process for implementing the recommendations, e.g., an up-or-down vote in Congress.
Conclusion
Without action, America’s debt will continue to rise in the years ahead driven by structural factors including an aging population, high healthcare costs, rising interest payments, and an inadequate tax system. A fiscal commission would provide the space and structure for lawmakers to comprehensively review the entire budget and recommend a balanced set of spending and revenue reforms that improve the fiscal path of the United States.
Image credit: Photo by Brendan Hoffman/Getty Images
Further Reading
86 Ways to Reform the Tax Code — and Why It’s Only Half the Solution
Tax policy is about trade-offs between how much revenue a tax will raise, who will bear the burden, and how a change will impact economic incentives.
In Their Own Words: Debt a Critical Issue for Voters in 2026 Election
Voters understand that the national debt has become too big to ignore as a major factor in America’s affordability crisis.
Can Investing in the Stock Market Save Social Security?
Given Social Security’s unsustainable finances, some policymakers have proposed incorporating stock market investments as part of a solution.