Sens. Mitt Romney of Utah and Joe Manchin of West Virginia introduced legislation Thursday that would create a commission tasked with stabilizing the national debt.
Manchin warned that the nation’s finances are “not normal” and said the bill would address an “unsustainable trajectory” of the nation’s debt. “My friend and colleague, Senator Romney, and I join together on this commonsense bill that creates a bipartisan, bicameral Finance Committee to identify comprehensive solutions to restore a sustainable fiscal outlook. I am proud to submit it.”
detail: The bill, known as the “Fiscal Stability Act,” would create a 16-member commission consisting of 12 members of Congress and four outside experts. By May 1, 2025, the commission will identify specific steps policymakers should take to stabilize the public debt-to-GDP ratio within 15 years and improve the solvency of the federal trust fund. A report should be produced proposing new legislation outlining appropriate measures. For 75 years. If the committee’s work is approved, the proposed bill would receive “expedited consideration” in the House and Senate.
The bill is supported by a group of senators including Republicans John Cornyn (Texas), Todd Young (Indiana), Cynthia Lummis (Wyoming), and Thom Tillis (North Carolina). The Democrats are John Hickenlooper of Colorado, Mark Warner of Virginia, and Jeanne Shaheen of New Hampshire. and Arizona independent Kyrsten Sinema.
The bill is aligned in the House with the Finance Commission Act, introduced in September by Rep. Bill Huizinga, a Republican from Michigan, and Rep. Scott Peters, a Democrat from California.
Asked whether the new plan was just a repeat of the Simpson-Bowles Commission, an ill-fated 2010 debt stabilization effort, Mr. Romney said: CNBC The new debt commission’s plan is similar to the Simpson-Bowles plan, but things have changed in the meantime, he said. He said the situation is more tense for lawmakers because “the debt is now twice as high as it was before,” adding that the new committee has no proposed legislation, unlike previous efforts. It added that it also has a clearly defined process for bringing it to parliament for a vote.
Mr. Romney also pushed back against the idea that a debt committee would necessarily mean cuts to popular programs like Social Security. “The reality is that not everything is on the table because neither we nor anyone else is talking about changing the rights of retirees and people nearing retirement,” Romney said. At the same time, a reduction for young people who are still years away from retirement is probably a fair move.
The battle lines are drawn as follows. The advocacy group Social Security Works statement Dozens of labor and progressive groups signed on to say they “strongly oppose the creation of a debt commission, which has been pushed forward during the debate over government funding.” “The White House has accurately described such a commission as Social Security’s ‘death committee,'” the group added.
The group said Congress could address the debt directly without the need for a special committee, and that Social Security should be left off the table anyway. Because “the program is completely self-funded and cannot pay benefits or related costs without the consent of the public,” there is no revenue to cover costs and there is no borrowing authority. The deficit will not increase by a penny. ”
At the other end of the political spectrum, fiscal conservatives were pleased with the proposal. “[A] “The committee is perhaps our best hope in addressing America’s immense challenges,” the Committee for a Responsible Federal Budget said in a statement. statement. “The commission will help policymakers build on recent financial successes to demonstrate that we can govern and make difficult choices.”