Establishes a Fiscal Commission to identify policies for improving the federal government's fiscal condition.
The Fiscal Commission Act establishes a Fiscal Commission to identify policies for improving the federal government's fiscal condition. The Commission will consider the budgetary effects of changes in economic output, employment, capital stock, and other macroeconomic variables. It will propose recommendations to reduce the debt and deficit, achieve a sustainable debt-to-GDP ratio, and improve the solvency of federal programs. The Commission will hold hearings, submit a report, and legislative language to Congress and the President.
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