Sec. 3. Establishment of Fiscal Commission
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Effective on the date that is 60 days after the date of enactment of this Act, there is established in Congress a Fiscal Commission. The goals of the Commission shall be to educate, and bring awareness to, the people of the United States about the fiscal path the Nation is on, including— educating the people of the United States so they understand the fiscal state of the Nation and the cost of not addressing such state; and informing the people of the United States about the deterioration of the fiscal health of the Nation, and that the debt poses a significant risk to the long-term fiscal sustainability of the Nation, with implications for future generations.
The Fiscal Commission shall identify policies to— meaningfully improve the long-term fiscal condition of the Federal Government, including reducing the debt and deficit; achieve a sustainable ratio of the public debt of the Federal Government to the gross domestic product of the United States, which shall be not more than 100 percent, by fiscal year 2039; and improve the solvency, for a period of at least 75 years, of trust funds used to carry out Federal programs. In carrying out clause (i), the Fiscal Commission shall propose recommendations that meaningfully improve the long-term fiscal condition of the Federal Government, including— changes to address the current levels of discretionary appropriations, direct spending, and revenues and the gap between current revenues and expenditures of the Federal Government; and changes to address the growth of discretionary appropriations, direct spending, and revenues 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
(i)or (ii). The Fiscal Commission may meet to consider, and vote on, an interim report on— the findings and recommendations of the Fiscal Commission regarding the budgetary effects of changes in economic output, employment, capital stock, and other macroeconomic variables resulting from public and private investments; any findings or recommendations of the Fiscal Commission with respect to carrying out the goals described in paragraph (1)(B); and as the Fiscal Commission determines appropriate, any findings resulting from any hearing held or evidence received by the Commission. Subject to paragraph (4)(D)(ii)(II), not earlier than November 4, 2026, and, subject to clause (vi), not later than November 13, 2026, the Fiscal Commission shall meet to consider, and vote on— a report that contains— a detailed statement of— the findings and recommendations of the Fiscal Commission regarding the budgetary effects of changes in economic output, employment, capital stock, and other macroeconomic variables resulting from public and private investments; any findings or recommendations of the Fiscal Commission with respect to carrying out the goals described in paragraph (1)(B); and as the Fiscal Commission determines appropriate, any findings resulting from any hearing held or evidence received by the Commission; a statement of the economic and budgetary effects of the legislative language described in subclause (II); 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)(aa). A report and legislative language of the Fiscal Commission under clause
(i)shall only be approved upon an affirmative vote of a majority of the voting members of the Fiscal Commission, including the affirmative vote of not less than 2 voting members who were appointed by members of the Republican Party and not less than 2 voting members who were 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 in accordance with clauses
(i)and
(ii)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 in accordance with clauses
(i)and (ii), 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 may extend the deadline set forth in clause
(i)to April 13, 2027, if the Fiscal Commission determines that additional time is necessary to complete the duties of the Fiscal Commission under this Act. Such an extension shall only be approved upon an affirmative vote of a majority of the voting members of the Fiscal Commission, including the affirmative vote of not less than 2 voting members who were appointed by members of the Republican Party and not less than 2 voting members who were appointed by members of the Democratic Party. Not later than 30 days after the date the Fiscal Commission submits the report under subparagraph (B)(v), the Fiscal Commission shall complete a national campaign to increase public awareness and education with respect to the fiscal condition of the Nation. The Fiscal Commission shall be composed of 16 members who shall be appointed, not later than 14 days after the date described in paragraph
(1)and with due consideration to chairs and ranking minority members of the committees and subcommittees of subject matter jurisdiction (as applicable), as follows: The majority leader of the Senate shall appoint 3 members from among the Members of the Senate and 1 member who is an outside expert. The minority leader of the Senate shall appoint 3 members from among the Members of the Senate and 1 member who is an outside expert. The Speaker of the House of Representatives shall appoint 3 members from among the Members of the House of Representatives and 1 member who is an outside expert. The minority leader of the House of Representatives shall appoint 3 members from among the Members of the House of Representatives and 1 member who is an outside expert. Not later than 14 days after the date described in paragraph (1)— 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. The co-chairs of the Fiscal Commission, acting jointly, shall appoint a staff director for 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. To enable the Fiscal Commission to exercise the powers, functions, and duties of the Fiscal Commission, there are authorized to be disbursed by the Secretary of the Senate from the accounts determined appropriate under section 5 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. Not later than 90 days after the date of enactment of this Act, the Architect of the Capitol, in consultation with the Fiscal Commission, shall identify suitable space to house the operations of the Fiscal Commission. Seven voting members of the Fiscal Commission shall constitute a quorum for purposes of voting, meeting, and holding hearings. A member who is an outside expert shall not be counted for purposes of determining whether there is a quorum under this subparagraph. 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 described in 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) , 601(f)); and information on the budgetary effects 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. Only members of the Fiscal Commission who are Members of the Senate or the House of Representatives may vote on any matter of the Fiscal Commission. An outside expert serving as a member of the Fiscal Commission shall be a nonvoting member. Not later than 45 days after the date described in paragraph (1), the Fiscal Commission shall hold the first 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 each meeting of the Fiscal Commission. 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. The Fiscal Commission shall hold not less than 6 hearings under this subparagraph, which shall include— field hearings throughout the Nation; hearings to solicit testimony from appropriate officers and employees of the executive branch; and hearings to solicit testimony from Members of the Senate or the House of Representatives, Delegates to the House of Representatives, and the Resident Commissioner from Puerto Rico. Upon written request of the co-chairs of the Fiscal Commission, the head of a Federal agency (including a legislative branch agency) shall provide technical assistance to, and consult with, the Fiscal Commission in order for the Fiscal Commission to carry out its duties. 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. The pay of each employee of the Fiscal Commission shall be disbursed by the Secretary of the Senate. A member of the Fiscal Commission appointed by a Member of the Senate and any employee of the Fiscal Commission shall adhere to the ethics rules of the Senate. A member of the Fiscal Commission appointed by a Member of the House of Representatives shall adhere to the ethics rules and requirements of the House of Representatives. The Fiscal Commission shall terminate on the earlier of— the date that is 30 days after the date the Fiscal Commission submits the report under subsection (a)(2)(B)(v); or May 17, 2027.
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Sec. 3
Establishment of Fiscal Commission
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