09 Nov Statement from BPC Action on the Fiscal Stability Act in Budget and Appropriations, Economics and Finance

BPC Action applauds Sens. Joe Manchin (D-WV), Mitt Romney (R-UT), and a bipartisan group of colleagues—Sens. Kyrsten Sinema (I-AZ), Todd Young (R-IN), John Hickenlooper (D-CO), Cynthia Lummis (R-WY), Mark Warner (D-VA), John Cornyn (R-TX), Jeanne Shaheen (D-NH), and Thom Tillis (R-NC)—for elevating the need to address America’s unsustainable fiscal trajectory through bipartisan debate and action with the introduction of the Fiscal Stability Act. We commend these Senate leaders and their peers for championing efforts to take this issue seriously. 

BPC Action continues to support the establishment of a bipartisan, bicameral fiscal commission. For years, we have worked to bring members of Congress from both chambers and sides of the aisle together to address the nation’s debt problem. In 2010, the Bipartisan Policy Center convened the Debt Reduction Task Force, co-chaired by the late Senator Pete Domenici and OMB Director Alice Rivlin, and comprised of 19 former elected officials and experts with diverse backgrounds from across the political spectrum. The task force offered proof that, even in the face of political headwinds, a bipartisan group can offer viable policy options to tackle one of the most serious economic challenges facing the United States. 

More than a decade later, America’s fiscal risks have grown significantly. In establishing a fiscal commission today, lawmakers should ensure it first identifies why our country’s fiscal outlook is a problem, establishes bipartisan principles to address it, and then offers policy options that adhere to those principles. Such an approach will give a commission the greatest chance of garnering public support, fostering legislative action, and making a long-term impact. 

BPC Action is here to inform the design of any future commission and serve as a resource to both its members and other lawmakers to ensure such an effort can be set up for success.