The proposed Fiscal Commission will be comprised of appointed members, including co-chairs, and aims to streamline legislative actions by instituting expedited procedures for bills proposed by the commission. This means that, if approved, their legislative language would be introduced in the House and Senate with limited opportunity for amendments or delays, thereby expediting the process of fiscal reform. The commission is expected to report back with recommendations, including legislative language, to carry out their proposals.
Summary
House Bill 5779, titled the "Fiscal Commission Act of 2023", aims to establish a Fiscal Commission in Congress tasked with improving the fiscal situation of the United States. The commission is meant to identify and propose policies that achieve a sustainable debt-to-GDP ratio in the long term and address the solvency of Federal trust funds over a period of at least 75 years. The legislation emphasizes the importance of balancing the budget at the earliest reasonable date and stabilizing the debt-to-GDP ratio at or below 100% within ten years from the commission's establishment.
Contention
Notably, the bill stipulates that no amendments will be allowed to Fiscal Commission bills in either the House or Senate, raising concerns about limiting debate and scrutiny of potential reforms. This could spur contention among lawmakers who traditionally advocate for thorough discussion and amendment opportunities during the legislative process. If the commission's bills were to undergo a veto, the procedures for addressing the vetoes would be predefined, dictating a specific format for discussion in both chambers.