Fiscal Commission Act

This bill would create a national Fiscal Commission within 60 days to study the federal budget and debt and to educate the public about the nation’s financial path and risks. It would propose ways to improve long‑term finances, cut deficits and debt, aim to keep debt at or below 100% of the size of the economy by 2039, and strengthen programs that use federal trust funds for at least 75 years.

The commission must hold at least six public hearings around the country and consider how its ideas might affect jobs and the economy. By early November 2026 it must vote on a report and a draft bill; if needed, it can extend this work to April 13, 2027. It must then quickly make its report public and send it to national leaders. Congress would get a fast up‑or‑down vote on the plan with no changes. The commission ends 30 days after sending its report.

• Who is involved: 16 members (lawmakers from both parties plus four outside experts). Only the lawmakers can vote; outside experts advise but don’t vote. The public will be engaged through a national awareness campaign.
• What could change: Federal spending, revenues (taxes), and programs with trust funds, based on what the commission recommends; the Congressional Budget Office must provide estimates before the commission votes.
• When: Set up within 60 days; vote on a plan in early November 2026 (or by April 13, 2027 if extended); public awareness campaign within 30 days after the report; commission ends 30 days after the report.