Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB743

Introduced
3/9/23  

Caption

Sustainable Budget Act of 2023

Impact

The proposed bill is significant as it is designed to identify and recommend policies that improve the fiscal situation of the federal government both in the medium and long term. The commission will focus on crucial areas such as addressing the growth of entitlement spending and the projected gap between government revenues and expenditures. It is viewed as a proactive measure to enhance fiscal sustainability, which supporters argue is necessary to prevent future economic crises due to unsustainable debt levels.

Summary

Senate Bill 743, titled the 'Sustainable Budget Act of 2023', seeks to establish a national commission dedicated to fiscal responsibility and reform. Through this legislation, the intent is to create a systematic approach to addressing the fiscal challenges faced by the federal government. The bill mandates the formation of the National Commission on Fiscal Responsibility and Reform, comprising 18 members appointed by various political leaders, including the President and congressional leaders from both parties. The commission is tasked with proposing actionable recommendations intended to balance the federal budget over the next decade, exclusively excluding interest payments on public debt, thereby aiming to stabilize the debt-to-GDP ratio at a sustainable level.

Contention

However, there is substantial contention surrounding SB743. Critics have expressed concerns that such a commission could lead to recommendations that might adversely impact the funding of crucial social programs. There are fears that austerity measures resulting from the commission’s recommendations could disproportionately affect vulnerable populations reliant on entitlement programs. Proponents argue that balancing the budget is essential for long-term economic health, while opponents worry about the implications of potentially drastic spending cuts emanating from the commission's findings. This divergence in perspectives on fiscal responsibility versus potential socio-economic ramifications highlights the ongoing debate over budget reform in the current political climate.

Companion Bills

US HB710

Related Sustainable Budget Act of 2022

Similar Bills

US HB3466

To enhance Financial Stability Oversight Council transparency.

US SB2607

SCRUB Act of 2023 Searching for and Cutting Regulations that are Unnecessarily Burdensome Act of 2023

US HB397

Government Office Realignment And Closure Act of 2023 or the GORAC Act This bill directs the Government Accountability Office (GAO) to provide for an independent evaluation of federal agencies and programs to identify duplicative, wasteful, or outdated functions and provides for congressional consideration of legislation to implement recommendations from the evaluation. Specifically, the GAO must (1) procure the services of a nonfederal auditor to evaluate each federal program carried out in the previous 20 years, make recommendations on federal agencies and programs that should be realigned or eliminated, and report on such recommendations; and (2) take steps to assure that any work performed by such auditor complies with standards established by the GAO for audits of federal establishments, programs, activities, and functions. The GAO must provide for the relocation of federal employees whose positions are eliminated as a result of the implementation of recommendations included in the report.

US HB1009

National Strategy to Utilize Microreactors for Natural Disaster Response Efforts Act

US HB3627

Beautifying Federal Civic Architecture Act

US SB2317

Organic Science and Research Investment Act of 2023

US SB2603

Streamlining Conservation Practice Standards Act of 2023

US HB40

Commission to Study and Develop Reparation Proposals for African Americans Act This bill establishes the Commission to Study and Develop Reparation Proposals for African Americans. The commission must (1) compile documentary evidence of slavery in the United States; (2) study the role of the federal and state governments in supporting the institution of slavery; (3) analyze discriminatory laws and policies against freed African slaves and their descendants; and (4) recommend ways the United States may recognize and remedy the effects of slavery and discrimination on African Americans, including through a formal apology and compensation (i.e., reparations). The commission consists of individuals from civil society and reparations organizations and individuals appointed by the President and congressional leadership; Members of Congress and governmental employees may not serve on the commission. The commission may hold hearings, subpoena witnesses and records, and contract with other entities to conduct its work. The commission must submit its final report within 18 months of its first meeting.