Sec. 3. Establishment of Fiscal Commission
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No later than 60 days after the date of enactment of this Act, there is established in Congress a Fiscal Commission. The Fiscal Commission shall identify policies to improve the fiscal situation in the medium term and to achieve a sustainable debt-to-GDP ratio of the long term, and for any recommendations related to Federal programs for which a Federal trust fund exists, to improve solvency for a period of at least 75 years. In carrying out clause (i), the Fiscal Commission shall— propose recommendations designed to balance the budget at the earliest reasonable date, including at minimum stabilizing the debt-to-GDP ratio at or below one hundred percent by the end of the 10-year period beginning on the date the Fiscal Commission is established; and propose recommendations that meaningfully improve the long-term fiscal outlook, including changes to address the growth of direct spending and the gap between the projected revenues and expenditures of the Federal Government.
Not later than 60 days after the date described in paragraph (1), each committee of the Senate and the House of Representatives may transmit to the Fiscal Commission any recommendations of the committee relating to changes in law to further the duties described in clause (ii). Notwithstanding paragraph (4)(D)(ii)(II), not earlier than November 6, 2024, but not later than November 15, 2024, the Fiscal Commission shall meet to consider, and vote on— a report that contains a detailed statement of the findings, conclusions, and recommendations of the Fiscal Commission described in subparagraph (A)(i) and the estimate of the Congressional Budget Office required under paragraph (4)(D)(ii); and legislative language to carry out the recommendations of the Fiscal Commission in the report described in subclause (I), which shall include a statement of the economic and budgetary effects of the recommendations.
A report and legislative language of the Fiscal Commission under clause
(i)shall require the approval of a majority of the members of the Fiscal Commission, provided that such majority shall be required to include not less than 3 members of the Fiscal Commission appointed by members of the Republican Party and 3 members appointed by members of the Democratic party. A member of the Fiscal Commission who gives notice of an intention to file supplemental, minority, or additional views at the time of the final Fiscal Commission vote on the approval of the report and legislative language of the Fiscal Commission under clause
(i)shall be entitled to 3 days to file those views in writing with the staff director of the Fiscal Commission. Views filed under subclause
(I)shall be included in the report of the Fiscal Commission under clause
(i)and printed in the same volume, or part thereof, and such inclusion shall be noted on the cover of the report, except that, in the absence of timely notice, the report may be printed and transmitted immediately without such views. Upon the approval or disapproval of a report and legislative language under clause
(i)by the Fiscal Commission, the Fiscal Commission shall promptly, and not more than 24 hours after the approval or disapproval or, if timely notice is given under clause (iii), not more than 24 hours after additional views are filed under such clause, make the report, the legislative language, and a record of the vote on the report and legislative language available to the public. If a report and legislative language are approved by the Fiscal Commission under clause (i), not later than 3 days after the date on which the report and legislative language are made available to the public under clause (iv), the Fiscal Commission shall submit the report and legislative language to the President, the Vice President, the Speaker of the House of Representatives, and the majority and minority leaders of each House of Congress. The Fiscal Commission shall be composed of 16 members appointed in accordance with subparagraph
(B)and with due consideration to chairs and ranking members of the committees and subcommittees of subject matter jurisdiction, if applicable. Not later than 14 days after the date described in paragraph (1)— the majority leader of the Senate shall appoint 3 individuals from among the Members of the Senate, and 1 outside expert, who shall serve as members of the Fiscal Commission; the minority leader of the Senate shall appoint 3 individuals from among the Members of the Senate, and 1 outside expert who shall serve as members of the Fiscal Commission; the Speaker of the House of Representatives shall appoint 3 individuals from among the Members of the House of Representatives, and 1 outside expert, who shall serve as members of the Fiscal Commission; and the minority leader of the House of Representatives shall appoint 3 individuals from among the Members of the House of Representatives, and 1 outside expert, who shall serve as members of the Fiscal Commission. Not later than 14 days after the date described in paragraph (1), with respect to the Fiscal Commission— the leadership of the Senate and House of Representatives of the same political party as the President shall appoint 1 individual from among the members of the Fiscal Commission who shall serve as a co-chair of the Fiscal Commission; and the leadership of the Senate and House of Representatives of the opposite political party as the President, shall appoint 1 individual from among the members of the Fiscal Commission who shall serve as a co-chair of the Fiscal Commission. With respect to the Fiscal Commission, the co-chairs of the Fiscal Commission, acting jointly, shall hire the staff director of the Fiscal Commission. The members of the Fiscal Commission shall be appointed for the life of the Fiscal Commission. Any vacancy in the Fiscal Commission shall not affect the powers of the Fiscal Commission, but shall be filled not later than 14 days after the date on which the vacancy occurs, in the same manner as the original appointment was made. If a member of the Fiscal Commission who was appointed as a Member of the Senate or the House Representatives ceases to be a Member of the Senate or the House of Representatives, as applicable— the member shall no longer be a member of the Fiscal Commission; and a vacancy in the Fiscal Commission exists. With respect to the Fiscal Commission, to enable the Fiscal Commission to exercise the powers, functions, and duties of the Fiscal Commission, there are authorized to be disbursed by the Senate the actual and necessary expenses of the Fiscal Commission approved by the co-chairs of the Fiscal Commission, subject to the rules and regulations of the Senate. With respect to the Fiscal Commission, in carrying out the functions of the Fiscal Commission, the Fiscal Commission is authorized to incur expenses in the same manner and under the same conditions as the Joint Economic Committee is authorized under section 11(d) of the Employment Act of 1946 ( 15 U.S.C. 1024(d) ). With respect to the Fiscal Commission, 9 members of the Fiscal Commission shall constitute a quorum for purposes of voting, meeting, and holding hearings. No proxy voting shall be allowed on behalf of any member of the Fiscal Commission. The Director of the Congressional Budget Office shall, with respect to the legislative language of the Fiscal Commission under paragraph (2)(B)(i)(II), provide to the Fiscal Commission— estimates of the legislative language in accordance with sections 308(a) and 201(f) of the Congressional Budget Act of 1974 ( 2 U.S.C. 639(a) and 601(f)); and information on the budgetary effect of the legislative language on the long-term fiscal outlook. The Fiscal Commission may not vote on any version of the report, recommendations, or legislative language of the Fiscal Commission under paragraph (2)(B)(i) unless the estimates and information described in subclause
(I)of this clause are made available for consideration by all members of the Fiscal Commission not later than 48 hours before that vote, as certified by the co-chairs of the Fiscal Commission. Not later than 45 days after the date described in paragraph (1), the Fiscal Commission shall hold the first meeting of the Fiscal Commission. For each meeting of the Fiscal Commission, the co-chairs of the Fiscal Commission shall provide an agenda to the members of the Fiscal Commission not later than 48 hours before the meeting. The Fiscal Commission may, for the purpose of carrying out this section, hold such hearings, sit and act at such times and places, require attendance of witnesses and production of books, papers, and documents, take such testimony, receive such evidence, and administer such oaths as the Fiscal Commission considers advisable. The co-chairs of the Fiscal Commission shall make a public announcement of the date, place, time, and subject matter of any hearing to be conducted under this subparagraph not later than 7 days before the date of the hearing, unless the co-chairs determine that there is good cause to begin such hearing on an earlier date. A witness appearing before the Fiscal Commission shall file a written statement of the proposed testimony of the witness not later than 2 days before the date of the appearance of the witness, unless the co-chairs of the Fiscal Commission— determine that there is good cause for the witness to not file the written statement; and waive the requirement that the witness file the written statement. Upon written request of the co-chairs of the Fiscal Commission, the head of a Federal agency shall provide technical assistance to the Fiscal Commission in order for the Fiscal Commission to carry out the duties of the Fiscal Commission. Any outside expert appointed to the Fiscal Commission— shall not be considered to be a Federal employee for any purpose by reason of service on the Fiscal Commission; and shall be allowed travel expenses, including per diem in lieu of subsistence, at rates authorized for employees of agencies under subchapter I of chapter 57 of title 5, United States Code, while away from their homes or regular places of business in the performance of services for the Commission. The co-chairs of the Fiscal Commission may jointly appoint and fix the compensation of staff of the Fiscal Commission as the co-chairs determine necessary, in accordance with the guidelines, rules, and requirements relating to employees of the Senate. Members appointed by Members of the Senate who serve on the Fiscal Commission and staff of the Fiscal Commission shall adhere to the ethics rules of the Senate. Members appointed by Members of the House of Representatives who serve on the Fiscal Commission shall be governed by the ethics rules and requirements of the House of Representatives. The Fiscal Commission shall terminate on the date that is 30 days after the date the Fiscal Commission submits the report under subsection (a)(2)(B)(v).
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