As the national debt of the United States breaches the $33.6 trillion mark, outgoing U.S. Senators Joe Manchin (D-W.Va) and Mitt Romney (R-Utah) have joined forces to introduce the bipartisan Fiscal Stability Act. The proposed legislation is aimed at enhancing the fiscal health of the nation by stabilizing and reducing the national debt.
What Happened: The Fiscal Stability Act proposes the creation of a bicameral fiscal commission. The commission’s primary responsibility will be to devise and recommend legislative solutions that can help stabilize and bring down the national debt, which has seen a staggering increase of over 100% in the past decade.
Several senators across party lines, including Todd Young (R-Ind.), Kyrsten Sinema (I-Ariz.), Cynthia Lummis (R-Wyoming), John Hickenlooper (D-Colo.), John Cornyn (R-Texas), Mark Warner (D-Va.), Thom Tillis (R-N.C.), and Jeanne Shaheen (D-N.H.), have pledged their support as co-sponsors. The bill mirrors the House’s bipartisan Fiscal Commission Act, led by Representatives Bill Huizinga (R-Mich.) and Scott Peters (D-Calif.).
Manchin expressed grave concerns about the nation’s economic trajectory.
“Our fiscal house is not in order and it is past time we get serious about addressing the unsustainable path our national debt is on.”
He underscored the urgent need for bipartisan action to prevent the fiscal crisis from compromising the well-being of future generations.
Expressing a similar sentiment, Romney called the mounting national debt “immoral and unacceptable.” He cautioned against leaving future generations to bear the burden of the current debt, arguing that the proposed fiscal commission is a crucial step towards wrestling control over the national debt.
Why It Matters: The Fiscal Stability Act comes amid Manchin announcing his retirement from senate duties in 2024. Earlier this year, Romney opted out of re-election as a senator for 2024 and later, ruled out running for vice president.
The act is introduced at a time when the nation’s debt is skyrocketing, raising concerns about the fiscal stability of the country. If passed, the legislation could mark a significant step towards achieving fiscal stability and ensuring the economic well-being of future generations.
Read Next: ‘Bond King’ Jeff Gundlach Says Recession To Hit US By 2024 Q2 As Debt Levels Soar
Photo Courtesy Rachael Warriner On Shutterstock.com
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