Holland Reporter

The bipartisan Fiscal Commission Act, introduced by Rep. Bill Huizenga (R-MI) and Rep. Scott Peters (D-CA), has successfully passed the House Budget Committee. This legislation aims to address the unsustainable debt of the nation, which currently stands at over $34 trillion.

The Fiscal Commission Act establishes a bipartisan commission that will be responsible for creating policy recommendations to improve the nation's fiscal future in the medium term and achieve a sustainable debt-to-GDP ratio in the long term. The commission will also work towards improving the solvency of federal trust funds for a period of 75 years.

Congressman Huizenga emphasized the importance of taking action to tackle the debt issue, stating, "For some, doing nothing is an option. To me, that is simply not an option." He stressed the need for difficult discussions and solutions from all candidates, from the President down to address the debt. Huizenga also highlighted the impact of interest payments on various sectors of the federal government, stating, "Interest payments are robbing our opportunities whether it is in the defense department or social services or wherever it may be in other parts of the federal government."

Congressman Peters echoed the concerns regarding the unsustainable debt and its impact on future generations. He stated, "In the next 10 years, we will spend more on interest on our debt than on defense or Medicaid." Peters expressed the need for frank discussions about spending and revenues to ensure priorities such as an expanded child tax credit, affordable child care, college education, and investments in clean energy are not threatened.

Senators Joe Manchin and Mitt Romney, who are leading the Senate version of this legislation, applauded the House Budget Committee for advancing the Fiscal Commission Act. They emphasized the importance of reversing the nation's fiscal decline to prevent future generations from bearing the burden of poor fiscal choices. They expressed their commitment to working with colleagues on both sides of the aisle to get this legislation passed in both chambers and signed into law.

The passage of the Fiscal Commission Act in the House Budget Committee marks an important step towards addressing the nation's unsustainable debt. With a bipartisan coalition of Republicans and Democrats working together, there is hope for finding solutions and offering them up to secure a better fiscal future for the United States.