Kaine, Curtis, King, Colleagues Introduce Bipartisan Fiscal Commission Act

WASHINGTON, D.C. — Today, U.S. Senator Tim Kaine (D-VA) joined U.S. Senators John Curtis (R-UT) and Angus King (I-ME) and other colleagues in introducing the Fiscal Commission Act, bipartisan legislation to strengthen America’s fiscal health and stabilize the nation’s finances for future generations. The bill would create a bipartisan, bicameral fiscal commission tasked with finding legislative solutions to stabilize spending and decrease the national debt, which now exceeds $38.8 trillion.

“We must find a bipartisan path forward to address our nation’s debt while preserving vital programs that Americans rely on,” said Kaine. “That’s why I’m introducing this bipartisan legislation with my colleagues that would create a commission so we can have this important dialogue and take steps toward addressing the debt."

The national debt now exceeds $38.8 trillion, which is approximately 124% of the entire U.S. economy. Both parties are to blame—fiscal policies enacted by both Democrats and Republicans have led to soaring annual budget deficits, which totaled $1.7 trillion in calendar year 2025 alone. It’s projected that the federal government will spend more than $1 trillion on interest on the debt alone in 2026, making it a larger expenditure than Medicare and national defense, and second only to Social Security.

The Fiscal Commission Act would:

• Establish a 16-member bipartisan, bicameral commission consisting of 12 elected officials and four outside experts.
• The Speaker of the House, House Minority Leader, Senate Majority Leader, and Senate Minority Leader each appoint four individuals to the Commission, of which three must be members from their respective chambers and one must be an outside expert.
• Require the Commission to produce a report and propose legislation aiming to improve the long-term fiscal condition of the Federal Government, stabilize the ratio of public debt to GDP within a 15-year period, and improve the solvency of Federal trust funds over a 75-year period.
• Require the Commission to vote on approval of the report and legislative language by May 17, 2027.
• Any report or legislative language produced by the Commission must be approved by a majority of the 12 elected official members, with at least two being from each party.
• If the Commission approves proposed legislative language, it would receive expedited consideration in both chambers.
• While 60 votes would be required to invoke cloture prior to final passage in the Senate, only a simple majority would be needed for the motion to proceed, which would be privileged.

In addition to Kaine, Curtis, and King, the legislation is cosponsored by U.S. Senators Thom Tillis (R-NC), Chris Coons (D-DE), Todd Young (R-IN), Bill Cassidy (R-LA), Jeanne Shaheen (D-NH), Kevin Cramer (R-ND), and Mark R. Warner (D-VA).

The full bill text is available here.

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