Washington, D.C. — Today, Representative Scott Peters (D-CA-50), co-chair of the Bipartisan Fiscal Forum, celebrated the House Committee on Budget advancing his Fiscal Commission Act and Fiscal State of the Nation Act to the House floor with bipartisan support. The Fiscal Commission Act, co-authored by Representative Bill Huizenga (R-MI-4) would establish a bipartisan, bicameral, and open-doored commission to tackle our nation’s long-term debt, help us avoid automatic and across-the-board cuts to Social Security and Medicare, and secure a more prosperous future for our children. The Budget Committee also passed a “manager’s amendment” to the Fiscal Commission Act, which will require the commission to put forward recommendations on tax revenues, hold field hearings and educate the public on its work, and ensure the budgetary benefits that stem from federal investments in infrastructure, education, child care, and more are accounted for.  

After passage of his bills, Rep. Peters stated, “In the next 10 years, we will spend more on interest on our debt than on defense or Medicaid. This commission allows us to finally address the unsustainable debt that endangers our children’s future. I want an expanded child tax credit. I want affordable child care and college education. I want investments in our clean energy future. All of these priorities are threatened if we cannot have frank discussions about our spending and revenues to get our fiscal house in order. I look forward to working with my colleagues on both sides of the aisle to get this legislation passed in both chambers and signed by the President.” 

During his remarks in committee, Rep. Peters said, “Social Security cuts are baked into the law right now. If we go another 10 years and the lines cross, it’s a [23%] across-the-board cut that’s in existing law.… The longer we creep toward [23%] cuts across-the-board, the more leverage we give people who want to cut benefits, because the day before it’s a [23%] cut, they’re going to say, ‘How’s a 15% cut for you?’ If we act today, maybe we can avoid that.”

Continuing, Rep. Peters stated, “Regular order is the Congressional ‘Big Foot’ — we’re all told it exists and none of us has ever seen it.… Nobody thinks, and there is no evidence to suggest that this issue will be taken up [without a commission].”

Watch Rep. Peters’ full remarks here.

Background:

The Fiscal Commission Act is supported by Representatives Tom Cole (R-OK), Brad Schneider (D-IL), Victoria Spartz (R-IN), Ed Case (D-HI), William Timmons (R-SC), Chrissy Houlahan (D-PA), Adrian Smith (R-NE), Ami Bera (D-CA), David Schweikert (R-AZ), Jimmy Panetta (D-CA), Blake Moore (R-UT), Jared Golden (D-ME), Cory Mills (R-FL), Marie Gluesenkamp-Perez (D-WA), Kevin Hern (R-OK), Dean Phillips (D-MN), Jack Bergman (R-MI), Hillary Scholten (D-MI), Lloyd Smucker (R-PA), Mike Thompson (D-CA), Mike Kelly (R-PA), Henry Cuellar (D-TX), and Tom Emmer (R-MN).

Senators Joe Manchin and Mitt Romney introduced companion legislation in the Senate, the Fiscal Stability Act, which is supported by Senators Todd Young (R-IN), Kyrsten Sinema (I-AZ), Cynthia Lummis (R-WY), John Hickenlooper (D-CO), John Cornyn (R-TX), Mark Warner (D-VA), Thom Tillis (R-NC), and Jeanne Shaheen (D-NH).

Read the full text of the Fiscal Commission Act here.

Read the manager’s amendment to the Fiscal Commission Act here.

Read the full text of the Fiscal State of the Nation Act here.