POLITICS + GOVERNMENT

Senators introduce Fiscal Stability Act to “find legislative solutions” for national debt

Nov 9, 2023, 11:28 AM | Updated: Jan 9, 2024, 11:07 am

Senator Mitt Romney...

Senator Mitt Romney [R-UT](pictured) teamed up with Senator Joe Manchin [D-WV] introduced a bipartisan plan to strengthen and stabilize the country's finances. The plan is called the Fiscal Stability Act. (Alex Goodlett/Deseret News)

(Alex Goodlett/Deseret News)

Tune in to Inside Sources at 1:03 p.m.!

WASHINGTON, D.C.– Senators Mitt Romney, R-Utah, and Joe Manchin, D-W.Va., introduced a bipartisan plan to strengthen and stabilize the country’s finances. The plan is called the Fiscal Stability Act. 

According to a document provided by Romney’s press office, the Fiscal Stability Act would create a bipartisan and bicameral commission. It would be the commission’s responsibility to “find legislative solutions” to stabilize and decrease the country’s debt. 

Fiscal Stability Act commission

The commission would consist of 16 members. Twelve elected officials and four “outside experts” would comprise the bicameral and bipartisan commission.

The Speaker of the House, House Minority Leader, Senate Majority Leader, and Senate Minority Leader would each appoint four commission members. The press release said that each leader would appoint three elected officials from their chamber. They would also appoint one “outside expert” each.

“It is immoral and unacceptable for my generation to keep adding to the national debt, expecting our grandchildren to foot the bill for our benefits for the rest of their lives,” Romney wrote in the release. He added that the country “must get serious about the national debt.” 

The nation’s debt now exceeds $33.6 trillion.

According to the press release, the Fiscal Stability Act is a companion to the Fiscal Commission Act. Reps. Bill Huizenga, R-Mich., and Scott Peters, D-Calif., in introduced the bipartisan act in September 2023. 

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Senators introduce Fiscal Stability Act to “find legislative solutions” for national debt