Fiscal Commission Act

H.R. 3289, the Fiscal Commission Act, would create a 16-member Fiscal Commission in Congress (with 4 outside experts) tasked with studying the federal fiscal path and recommending policies to improve long-term fiscal health. The Commission would aim to reduce the deficit and debt, reach a federal debt-to-GDP ratio of no more than 100 percent by fiscal year 2039, and improve the solvency of programs supported by trust funds for at least 75 years. It would conduct hearings, gather expert input (including outside experts and federal agencies), and produce an interim report and a final report with detailed recommendations and a proposed implementing bill. If the Commission approves an implementing bill, that text would be subject to an expedited, tightly controlled concurrent process in both chambers to enact the changes, with rigorous bipartisan requirements for approval. The act also sets up funding, staff rules, and termination once the final report is submitted. In short, the bill would establish a high-level, time-limited bipartisan commission to propose sweeping fiscal reforms and fast-track the implementing legislation through a special expedited process, tying long-term debt reduction to a statutory target and the solvency of trust-funded programs.