Source: (Photo by Rod Lamkey-Pool/Getty Images)
WASHINGTON D.C., — Indiana Senator Todd Young helped to introduce the “Fiscal Stability Act” into the senate on Thursday.
The bipartisan solution is meant to stabilize the nation’s finances for future generations by creating a bicameral fiscal commission that finds legislative solutions to stabilize and decrease the national debt. The press release mentions how the nation’s national debt now exceeds 33.6 trillion dollars, more than double what it was a decade ago.
“Given the highly polarized political environment, this commission structure is the best way to propose and have a chance of enacting the real reforms needed to get our debt under control.” said Senator Young of the bill.
Some of the exact goals the bill aims to accomplish are listed below:
– Legislation would establish a 16-member bipartisan, bicameral commission consisting of 12 elected officials and four outside experts.
– The Speaker of the House, House Minority Leader, Senate Majority Leader, and Senate Minority Leader each appoint four individuals to the Commission, of which three must be members of their respective chambers and one must be an outside expert.
– The Commission would produce a report and propose a package of legislative solutions to improve the long-term fiscal condition of the Federal Government, stabilize the ratio of public debt to GDP within a 15-year period, and improve solvency of Federal trust funds over a 75-year period.
– The Commission would be required to vote on approval of the report and legislative language by May 1, 2025.
– Any report or legislative language produced by the Commission must be approved by a majority of the 12 elected official members, with at least three being from each party.
– If the Commission approves proposed legislative language, it would receive expedited consideration in both chambers.
– While 60 votes would be required to invoke cloture prior to final passage in the Senate, only a simple majority would be needed for the motion to proceed, which would be privileged.