(pdf)
Dear Members of the House Budget Committee,
On behalf of the undersigned organizations who represent the interests of taxpayers, consumers and families across the country, we urge you to support H.R. 5779, the Fiscal Commission Act of 2023, introduced by Rep. Bill Huizenga (R-MI) and Rep. Scott Peters (D-CA), a bipartisan and bicameral bill that would establish a commission to address the nation's unsustainable debt and fiscal challenges.
The U.S. national public debt is around 100% of GDP, the highest level since World War II. The Congressional Budget Office (CBO) projects that without substantial changes, the debt will rise to nearly 200% of GDP by 2053. This alarming trajectory poses serious risks to our economy and our national security. The CBO also projects that by 2033, net interest payments on this debt will exceed nondefense discretionary spending at over $1.4 trillion per year.
A bipartisan and bicameral panel would provide the space and structure for lawmakers to comprehensively review the entire budget and recommend a balanced set of spending and revenue reforms that improve the fiscal outlook of the United States. The commission would consist of 16 members, appointed by congressional leadership, with equal representation from both parties. The commission would have a mandate to identify policies to achieve a sustainable debt-to-GDP ratio over the long term, and to improve the solvency of federal trust funds such as Social Security and Medicare. The commission would report its recommendations to Congress, and Congress would be required to consider them under expedited procedures.
We believe that this approach is needed today to tackle the growing debt and fiscal deficits that threaten our economic future and national security. We recognize that this will require difficult choices and compromises from both sides of the aisle, but we also believe that this is a critically important way to achieve a fair and lasting solution that serves the common good of the American people.
We strongly urge you to support the Fiscal Commission Act of 2023 and to work together to put our nation on a more sustainable fiscal path well into the future.
Sincerely,
Pete Sepp | Steve Ellis Taxpayers For Common Sense | David Williams | Tom Schatz |
Steve Pociask | Nan Swift | Marc Goldwein Committee For A Responsible Federal Budget | Matthew Kandrach Consumer Action For A Strong Economy |
| Brent Gardner Americans For Prosperity | Bob Carlstrom AMAC Action | Karen Karen Kerrigan President & CEO Small Business & Entrepreneurship Council | Ryan Walker Heritage Action |
Jason Pye FreedomWorks |