Romney, Manchin Applaud House Action on Creating Fiscal Commission

WASHINGTON—U.S. Senators Mitt Romney (R-UT) and Joe Manchin (D-WV) today released a statement following the House Budget Committee’s markup and passage of the bipartisan Fiscal Commission Act, which is the House companion to the Senators’ Fiscal Stability Act. The legislation would create a bicameral fiscal commission tasked with finding legislative solutions to stabilize and decrease the national debt, which now exceeds $34 trillion—nearly double what it was just ten years ago.

“We applaud the House Budget Committee—under the leadership of Chairman Arrington—and Representatives Peters and Huizenga for advancing this commonsense legislation, which would establish a bipartisan, bicameral commission to identify solutions that bring us back to a sustainable fiscal outlook. We also appreciate Speaker Johnson’s continued support for this effort,” the senators said. “Taking immediate, corrective action to reverse this catastrophic financial demise of our own making will help ensure that our children and grandchildren are not burdened by our poor fiscal choices. We will continue working with our colleagues on both sides of the aisle—in both chambers—to get this critical, practical legislation across the finish line and signed into law.”

Background:

On November 29, 2023, Senators Romney and Manchin spoke before the House Budget Committee to discuss their bipartisan Fiscal Stability Act. On January 3, 2024, the senators released a statement on the national debt surpassing $34 trillion and called on their colleagues to prioritize passing this legislation in the new year. Earlier today, Senators Romney and Manchin and Representatives Peters and Huizenga expanded on the need for a fiscal commission in an op-ed.

U.S. Representatives Scott Peters (D-CA) and Bill Huizenga (R-MI) are the original cosponsors of the companion bill in the House. Senators Romney and Manchin’s Fiscal Stability Act is cosponsored by Senators Todd Young (R-IN), Kyrsten Sinema (I-AZ), Cynthia Lummis (R-WY), John Hickenlooper (D-CO), John Cornyn (R-TX), Mark Warner (D-VA), Thom Tillis (R-NC), and Jeanne Shaheen (D-NH).

A one pager of the Fiscal Stability Act is available here. Full text of the legislation can be found here.