Sen. Mitt Romney (R-UT) and a group of Republicans and Democrats have proposed legislation that would create a bipartisan fiscal commission tasked with lowering the national debt.
Romney introduced the legislation on Thursday alongside Sen. Joe Manchin (D-WV). The commission would be bipartisan and bicameral — meaning that its members would consist of both lawmakers in the House and Senate. Sens. Kyrsten Sinema (I-AZ), Todd Young (R-IN), Cynthia Lummis (R-WY), John Hickenlooper (D-CO), and others are among the co-sponsors.
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“It is immoral and unacceptable for my generation to keep adding to the national debt, expecting our grandchildren to foot the bill for our benefits for the rest of their lives,” Romney said.
Specifically, the commission would be composed of 16 members — the speaker of the House, House minority leader, Senate majority leader, and Senate minority leader would each appoint four members. Three of the four members appointed must be lawmakers and one must be an outside expert.
The commission would work to produce a report and propose legislation that would stabilize the ratio of public debt to gross domestic product within a 15-year time frame and improve solvency of federal trust funds, such as those for Social Security and Medicare, over a 75-year time frame.
The Romney legislation would mandate that the commission vote on approving the report and its legislative language by May 2025. It must be approved by a majority of the 12 lawmakers, with at least three being from each party — ensuring that the plan is truly bipartisan. If approved, the proposal would head to the Senate and House floors for an expedited vote.
“Our national debt weakens our economic and national security and jeopardizes our leadership on the international stage,” Manchin said. “If we cannot come together to rein in this looming crisis, we will be failing the American people and harming the well-being of our future generations.”
The proposal comes as the idea of a fiscal commission gains traction. New House Speaker Mike Johnson (R-LA) highlighted the notion during his first floor speech after replacing Rep. Kevin McCarthy (R-CA) as the leader of the House.
“The consequences if we don't act now are unbearable. We have a duty to the American people to explain this to them so they understand it well," Johnson said.
“We are going to establish a bipartisan debt commission to begin working on this crisis immediately,” Johnson added.
The country is staring down nearly $33 trillion in national debt, which is only projected to grow in the coming years and decades. Additionally, the federal budget deficit rose to $1.7 trillion for fiscal 2023, which ended in September, the Treasury Department recently announced.
Automatic cuts to Social Security are estimated to come in 2035 unless something is done, and the Medicare Hospital Trust Fund is expected to be exhausted between 2028 and 2031.
The Romney-Manchin legislation is a companion to House legislation introduced by Reps. Bill Huizenga (R-MI) and Scott Peters (D-CA).
“With interest payments on our debt already exceeding the cost of Medicaid and soon our national defense, it would be irresponsible to keep ignoring this problem,” Peters said. “Every cent we spend paying interest on our debt is money that could have gone toward eradicating child poverty with the expanded child tax credit, making college more affordable, transitioning to a green economy, and so many more worthwhile investments.”
Former Ohio Republican Sen. Rob Portman recently told the Washington Examiner that he was “very pleased” to hear all of the discussion about a fiscal commission and that Johnson threw support behind the effort.
“It’s an unfortunate reality that our political system has not been able to deal with this now unsustainable debt and deficit, and I think it’s time to look to a new approach,” Portman said during an interview.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, praised the move by lawmakers to form a fiscal commission. She said in a Thursday statement that the commission proposal “holds real promise as a way to break out of the free lunch thinking that dominates Washington.”
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“There is no guarantee a fiscal commission will be successful. Special interest groups will raise millions of dollars to attack every idea, and many lawmakers will choose partisanship over problem-solving,” MacGuineas said.
“But a commission is likely our best hope to tackle America’s immense challenges,” she added.