Rep. Schneider Introduces Legislation for Bipartisan Commission to Tackle Nation’s Debt and Keep Government Open

Washington — Today, Congressman Brad Schneider (IL-10) helped introduce the Fiscal Commission Act of 2023, which would establish commission to tackle our nation’s longterm debt and secure a more prosperous future for our children. The commission would be a bipartisan, bicameral, and open-doored. Schneider was joined by the Co-Chairs of the Bipartisan Fiscal Forum (BFF), Representatives Scott Peters (D-CA-50) and Bill Huizenga (R-MI-4) as well as Representatives Tom Cole (R-OK), Victoria Spartz (R-IN), Ed Case (D-HI), William Timmons (R-SC), Chrissy Houlahan (D-PA), Adrian Smith (R-NE), Ami Bera (D-CA), David Schweikert (R-AZ), Jimmy Panetta (D-CA), Blake Moore (R-UT), Jared Golden (D-ME), and Cory Mills (R-FL).

“The county’s ballooning deficits and growing national debt will be an unsustainable burden on future generations. The only way we will tackle this challenge in a serious, lasting way is through bipartisan cooperation. On the precipice of a dangerous government shutdown, a bipartisan commission would give Congress an off-ramp to avoid a shutdown and a pathway to bring all sides to the table to urgently find solutions to our debt situation,” said Congressman Brad Schneider (IL-10). 

Full text of the legislation can be found here.

Background:

Makeup: 16 members. Each of the 4 corners congressional leaders selects 4 members, of which 3 are colleagues from the respective chamber and 1 individual from the private sector. The final makeup would be 6 House members (3 R, 3 D), 6 Senators (3 R, 3 D), and 4 outside experts (2 R, 2 D).

Fiscal Commission Vote: The Commission’s recommendations require a simple majority vote, PROVIDED, that the majority is made up of at least 3 members of each party.

Duties/Goal:

1. The Fiscal Commission shall identify policies to improve the fiscal situation in the medium term and to achieve a sustainable debt-to-GDP ratio over the long term, and for any recommendations related to Federal programs for which a Federal trust fund exists, and to improve solvency for a period of at least 75 years. In carrying out these duties, the Commission shall:
   1. Propose recommendations to stabilize the debt-to-GDP ratio at or below 100% within 10 years, and
   2. Propose recommendations that meaningfully improve the long-term fiscal outlook, including changes to address the growth of direct spending and the gap between revenues and expenditures.

Expedited Procedures:

2. Requires each chamber to vote on the recommendations, without amendment.
3. Provides that the motion to proceed in the Senate is subject to a 51-vote threshold, though final passage is subject to standard Rule 22 60-vote threshold.

Timeline:

1. The Commission shall be established and members appointed within 60 days of enactment.
2. The Commission shall vote on recommendations on November 8, 2024 (the Friday after the 2024 election).
3. Roughly 8 legislative days (2 weeks) for the first chamber to consider.
4. 5 legislative days, roughly 1 week, for the Senate to begin consideration.
5. Final congressional vote during the 2024 lame duck.

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