Washington, D.C. (RELEASE) November 14, 2023 — U.S. Senator Cynthia Lummis (R-WY) joined U.S. Senators Mitt Romney (R-UT) and Joe Manchin (D-WV) in introducing the Fiscal Stability Act which would create a bipartisan, bicameral fiscal commission tasked with finding legislative solutions to stabilize and decrease our national debt, which now exceeds $33.6 trillion—more than double what it was just ten years ago. Senator Lummis has consistently expressed concerns that future generations in Wyoming will be stuck under a mountain of debt that they can never climb out from if the government does not balance the budget and begin paying down the debt.
“Since becoming a Senator in 2021, my highest priority has been placing our budget on a sustainable path. We have a moral obligation to future generations to rein in unchecked spending and address our surging national debt, rather than willfully saddling our grandchildren with a bill they cannot afford to pay,” said Lummis. “The people of Wyoming want commonsense solutions to balance our national budget, which is why I am joining Senators Romney and Manchin to establish a bipartisan fiscal commission laser-focused on improving our nation’s financial health.”
Click here to read the full bill.
Sen. Lummis was one of the first to propose a fiscal commission in Congress when she introduced the Sustainable Budget Act in 2021.
Background:
- The U.S. National Debt sits at $33.7 trillion which breaks down to:
- In September, interest on the debt surpassed defense spending to become the single largest item in the budget, and is only growing.
About the Fiscal Stability Act:
- The bill 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.
