Policy Backgrounders

Congressional Fiscal Commission Proposal

January 25, 2024

Trusted Insights for What’s Ahead™:

The House Budget Committee approved H.R. 5779, the Fiscal Commission Act of 2024, which would establish a bipartisan fiscal commission in Congress to propose recommendations to improve the long-term fiscal condition of the Federal government and “improve the solvency of Federal programs for which a Trust Fund exists for at least a period of 75 years,” (i.e., Social Security and Medicare) and raise public awareness of the national debt and the consequences of inaction. Many aspects of this bipartisan proposal are in line with CED’s longstanding recommendation for a bipartisan fiscal commission to address the national debt crisis.

• CED has long backed a bipartisan fiscal commission to tackle the ballooning national debt comprehensively and with bipartisan support.
• The bill approved by the House Budget Committee largely aligns with several CED recommendations, including a focus on both discretionary and mandatory spending, a strategic objective tied to a sustainable debt-to-GDP ratio, and the importance of public education on the issue.
• H.R. 5779 has bipartisan support within the House Budget Committee and was welcomed by Senators supporting a related bill in the Senate, highlighting the possibility of continued forward movement in Congress on the idea of a bipartisan fiscal commission.
• For a more detailed description of CED policy on a bipartisan Fiscal Health Commission and its proposed agenda, see the article written for the Peterson Foundation by Dr. Lori Esposito Murray and Dana M. Peterson: The Debt Crisis is Here.