{"id":2153482,"date":"2024-01-19T08:26:02","date_gmt":"2024-01-19T13:26:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-budget-committee-advances-bill-to-create-fiscal-commission\/"},"modified":"2024-01-19T08:27:44","modified_gmt":"2024-01-19T13:27:44","slug":"house-budget-committee-advances-bill-to-create-fiscal-commission","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-budget-committee-advances-bill-to-create-fiscal-commission\/","title":{"rendered":"House Budget Committee approves bill for fiscal commission creation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhouse-budget-committee-advances-bill-to-create-fiscal-commission%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2153482&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The House Budget Committee Passes Bipartisan Bill to Address Federal Debt\u200c Crisis<\/h2>\n<p>The House\u200b Budget Committee made a significant move on\u200c Thursday by\u200c passing H.R. 5779, also known as the Fiscal\u2062 Commission Act of 2023. This bill aims to establish a \u2064bipartisan fiscal commission that will prevent\u200d the federal government from\u200d <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/novelist-wrote-essay-how-to-murder-your-husband-now-shes-been-convicted-of-doing-just-that\/\" title=\"Novelist Wrote Essay \u2018How To Murder Your Husband.\u2019 Now She\u2019s Been Convicted Of Doing Just That.\">facing financial ruin<\/a>. It is worth noting that this is the first time in over a decade that the House Budget Committee has passed bipartisan legislation outside of budget resolutions.<\/p>\n<p>According\u2062 to House Budget Committee \u2063Chairman Jodey Arrington, R-Texas,\u200c the urgency to address the nation&#8217;s debt crisis cannot be ignored. By the end of 2023, the federal debt held by the public reached a staggering 98% of the\u200b country&#8217;s gross \u2064domestic product. The Congressional Budget Office predicts that this debt will continue to rise, reaching 107% of GDP\u2064 by 2029 \u2062and a staggering 181% by 2053.<\/p>\n<blockquote>\n<h3>&#8220;No leader worth their salt can see those stunning numbers and not be shaken to their core\u2064 and cannot be stirred\u2062 in their spirit to do everything they can to make sure\u2062 that we don\u2019t bankrupt \u2063the greatest country in the history of humanity,&#8221;<\/h3>\n<p>said Arrington during a news conference.<\/p>\n<\/blockquote>\n<p>The current U.S.\u200b debt stands at a staggering $34 trillion, and the Fiscal Commission\u2064 Act aims\u2064 to establish a commission that will improve the government&#8217;s financial situation \u200cand put the nation on a sustainable fiscal path. The commission will be tasked with proposing recommendations to balance the budget within 10 years of its creation, with \u2062the goal \u200cof stabilizing the debt-to-GDP ratio at or below 100%.<\/p>\n<p>U.S. Rep. Jimmy Panetta, D-Calif., acknowledged \u2062that \u200bas a Democrat, it would have been easy for him to vote against the fiscal commission. However, he was inspired by the bipartisan leadership displayed by both \u200bRepublicans and Democrats. Panetta emphasized the potential economic crisis that could arise if the debt and deficit are left unaddressed.<\/p>\n<blockquote>\n<h3>&#8220;Look, I think we can realize is that if we don\u2019t do anything, what we\u2019re going to see as a debt and deficit be corrosive\u200d on our \u200beconomy, and that can \u2062lead to an economic crisis,&#8221;<\/h3>\n<p>said Panetta.<\/p>\n<\/blockquote>\n<p>Former U.S. \u200cComptroller General David Walker, a member of the \u200bMain Street Economics Advisory Board, stressed the importance of continued collaboration between Democrats and Republicans. He believes that having support from both sides of the aisle will significantly contribute to the \u200bsuccess of the fiscal commission.<\/p>\n<blockquote>\n<h3>&#8220;A fiscal commission will create the necessary procedures that would \u200callow our\u2062 leaders to\u200d take a holistic view\u200b of the federal budget and then identify potential spending and revenue reforms,&#8221;<\/h3>\n<p>said Walker.<\/p>\n<\/blockquote>\n<p>Maya \u2064MacGuineas, president of the Committee for a Responsible Federal Budget, expressed her support for the bill, emphasizing the \u2062need to address the country&#8217;s dire fiscal situation. She highlighted the alarming increase\u200b in the national debt over the \u200dpast two decades and the potential consequences if immediate\u200c action is\u2064 not taken.<\/p>\n<blockquote>\n<h3>&#8220;We\u2019re headed towards uncharted territory\u2063 if we don\u2019t do something soon. Interest on the debt is already the fastest-growing \u200dpart of the budget and more than we spend on children or Medicaid,&#8221;<\/h3>\n<p>said MacGuineas.<\/p>\n<\/blockquote>\n<p>The cost of maintaining\u2062 the country&#8217;s debt is already significant, with interest costs reaching a record high of $879 billion in fiscal 2023. These costs accounted for 14% of total federal spending as of September 2023. The Congressional Budget Office projects that interest costs will surpass all mandatory spending, discretionary\u200d outlays, and even spending on Social Security in the coming years.<\/p>\n<p>Michael Peterson, \u2062CEO of the Peter\u2064 G. Peterson Foundation, commended the House Budget\u200c Committee&#8217;s decision, considering it a step forward in addressing the nation&#8217;s growing debt crisis. Peterson\u200b hopes that this bipartisan effort will gain momentum and lead to the implementation\u2063 of a comprehensive solution.<\/p>\n<p>The last major fiscal commission, the U.S. National Commission on Fiscal Responsibility and Reform, faced challenges in implementing its recommendations. However, the passage of the Fiscal Commission Act brings renewed hope for a long-term, forward-thinking approach to ensure the country&#8217;s fiscal sustainability.<\/p>\n<p> <\/p>\n<h2> \u200cHow does the passing of H.R. 5779 demonstrate bipartisan\u200b leadership and a shared understanding of the importance of addressing the\u2064 nation&#8217;s debt \u200bcrisis<\/h2>\n<p><span>  Is\u2062 crucial in addressing the federal debt crisis and ensuring the\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/we-got-our-hopes-up-american-families-adjust-to-life-without-the-expanded-child-tax-credit\/\" title=\"\u2018We Got Our Hopes Up\u2019: American Families Adjust To Life Without The Expanded Child Tax Credit\">long-term financial stability<\/a> of the country.<\/p>\n<p>The establishment \u2064of a bipartisan fiscal commission is a significant\u200b step towards effectively tackling the\u200b federal debt crisis. By bringing\u200b together representatives from both parties, the commission can ensure that\u200c a wide range of\u200c perspectives and ideas are considered in\u2062 developing solutions. This bipartisan approach signifies\u200d a commitment to \u2062putting the nation&#8217;s interests\u200b above partisan politics.<\/p>\n<p>The fiscal commission will be responsible for proposing recommendations to balance the budget within a 10-year time frame. This commitment to fiscal \u200cresponsibility demonstrates a determination to not only address the\u200b current debt levels but also to prevent future debt accumulation. \u2063By focusing on stabilizing the debt-to-GDP ratio \u200dat or below 100%, the \u2064commission aims to set the nation on\u2064 a sustainable fiscal path.<\/p>\n<p>The passing \u2062of H.R. 5779 is \u2062a \u2062testament to the bipartisan leadership\u200d displayed by both \u200cRepublicans and Democrats. Despite \u200dtheir differences, \u200dthey \u200chave recognized \u200dthe urgent need to \u200baddress the nation&#8217;s debt\u200c crisis and the potential economic repercussions if left unaddressed. This collaboration demonstrates a shared understanding \u200cthat\u200c the nation&#8217;s\u2064 economic stability is a priority that\u2062 transcends political affiliations.<\/p>\n<p>However, passing the bill is just the first step in addressing the federal debt crisis. The success\u200c of the commission will depend on\u200c its ability to work effectively\u2063 and develop actionable recommendations. It will require open-mindedness, cooperation, and compromise \u2062from all\u200d members involved. Additionally, the implementation of these recommendations will require both parties to work \u2062together in a bipartisan manner.<\/p>\n<p>The House Budget Committee&#8217;s passing of \u2064the Fiscal Commission Act\u200c of 2023\u200c signifies a critical milestone in \u200caddressing the federal debt crisis. It \u200dshows that \u200cboth Republicans and Democrats recognize the severity of the situation and are willing to put aside \u2063partisan differences to ensure the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mtg-says-no-one-wants-the-green-new-deal-amid-government-funding-concerns\/\" title=\"MTG claims public disinterest in Green New Deal amidst funding worries.\">long-term \u200dfinancial stability<\/a> of the nation. The \u2063establishment \u2064of \u200ba bipartisan fiscal commission is\u2062 a testament to\u2062 the importance of collaboration and compromise\u200b in addressing complex economic\u2063 challenges.\u200d By working together, \u200dthe federal \u2062government\u2064 can take proactive steps \u200ctowards preventing financial\u2062 ruin and\u200c securing\u2063 a prosperous future for the United States.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The House Budget Committee approved H.R. 5779, the Fiscal Commission Act of 2023, to establish a bipartisan fiscal commission. This marks the committee&#8217;s first bipartisan passage, aiming to prevent the federal government from financial collapse<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2153482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2153482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2153482"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2153482\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2153482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2153482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2153482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}