Lawmakers propose bill establishing bipartisan fiscal commission, McCarthy endorses

Reps. Bill Huizenga (R-Mich.) and Scott Peters (D-Calif.) proposed legislation to establish a bipartisan fiscal commission, which is expected to be included in the continuing resolution that House Speaker Kevin McCarthy said will receive a House vote Friday to avoid a government shutdown. 

Under the bill, the commission would include 16 Members, 12 lawmakers and four outside experts, appointed by House and Senate leadership in both parties. According to the Committee for a Responsible Federal Budget, the commission would be "charged with putting forward recommendations to stabilize the debt and reduce the gap between revenue and spending." These budget recommendations "would get fast track consideration in the House and Senate."

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, endorsed the commission.

"It is refreshing and remarkable to see members of the two parties working together on such a challenging issue as dealing with the national debt in the midst of this dangerously partisan moment," she said. "With interest rates at a 15-year high and the national debt approaching a record share of the economy, it’s time to get serious about our unsustainable fiscal outlook."

House Speaker Kevin McCarthy endorsed the commission on Friday and confirmed its inclusion in the temporary funding bill up for a vote on Friday.