<p class="wp-block-paragraph">Republican lawmakers are largely open to the idea of a bipartisan fiscal commission to address the federal government’s debt and deficits, although opinions vary on its structure and the decisions that may need to be made.</p>
<p class="wp-block-paragraph">Last month, the national debt reached $40 trillion, highlighting concerns about the government's fiscal stability. Some experts believe a bipartisan fiscal commission could be an effective solution, and the <em>Washington Examiner</em> reported that the House Budget Committee plans to hold a hearing to explore this option.</p>
<p class="wp-block-paragraph"><strong>GRIM $40 TRILLION DEBT MILESTONE RAISES QUESTIONS ABOUT FISCAL COMMISSION</strong></p>
<p class="wp-block-paragraph">The concept of a fiscal commission has been advocated by fiscal conservatives and is gaining traction among many Republicans in Congress.</p>
<p class="wp-block-paragraph">“I’ve been a supporter of a fiscal commission for a long time,” Rep. Bryan Steil (R-WI) stated. “And I think we need to ultimately have the adult conversation with the American people and bring a resolution to the floor and address it.”</p>
<p class="wp-block-paragraph">House Budget Committee Chairman Jodey Arrington (R-TX) mentioned that the upcoming hearing will focus on “how we create this mechanism” to tackle the fiscal situation, citing previous bipartisan commissions such as the Base Realignment and Closure (BRAC) commission and the 1983 National Commission on Social Security Reform.</p>
<p class="wp-block-paragraph">“Basically, a way to get thoughtful people, thoughtful policymakers, on both sides and outside experts and leaders in the business community, economics, so that we can all work on a long-term plan to deal with the structural deficits, the structural imbalances, in our budgets,” Arrington said.</p>
<p class="wp-block-paragraph">Rep. Darin LaHood (R-IL), a member of the Ways and Means Committee, emphasized the need for public pressure on lawmakers to address the debt, advocating for bipartisan solutions.</p>
<p class="wp-block-paragraph">“We need downward pressure on elected officials to address the debt,” he said. “And so, yes, I support a commission. I support more attention on the debt. I support looking at bipartisan solutions to address it.”</p>
<p class="wp-block-paragraph">Public pressure is seen as crucial for the success of any fiscal commission, as lawmakers may avoid tough decisions without it.</p>
<p class="wp-block-paragraph">Some lawmakers report increased discussions about the debt while campaigning. Rep. Nathaniel Moran (R-TX) noted that concerns about the debt have been prevalent in his district, especially following recent changes in the bond market.</p>
<p class="wp-block-paragraph">After the national debt hit $40 trillion, yields on 30-year Treasurys reached levels not seen in two decades, with the benchmark 10-year yield approaching 5% earlier this week.</p>
<p class="wp-block-paragraph">“I’ve just begun to hear from constituents about the yield issue just in the last week or so, but have consistently heard from them over the last two years about the debt and deficit issue,” Moran said.</p>
<p class="wp-block-paragraph">Higher interest rates impact families through increased costs for mortgages, car loans, and credit card debt, according to former Rep. Carolyn Bourdeaux (D-GA), now executive director of the Concord Coalition.</p>
<p class="wp-block-paragraph">Rep. Greg Murphy (R-NC) also reported hearing concerns from constituents regarding the debt.</p>
<p class="wp-block-paragraph">“I’m terrified of it myself,” Murphy stated. “We have a math problem in the country that we have a growing, aging population, and we have fewer and fewer people paying into the system. And so, the day of reckoning is coming, and there are a lot of different things that are going to have to happen to avert this.”</p>
<p class="wp-block-paragraph">Steil mentioned that constituents are aware of and concerned about the debt, though he believes not everyone fully grasps the significance of the challenges ahead.</p>
<p class="wp-block-paragraph">“And one of the big concerns is that the debt markets force action rather than us acting proactively,” he said.</p>
<p class="wp-block-paragraph">Despite some economic connections to inflation and affordability, many voters prioritize prices over the national debt or bond market issues. LaHood expressed concern that debt and deficit issues do not rank among the top concerns for voters.</p>
<p class="wp-block-paragraph">“The scary part is you do polling, and you ask the American people the top 10 issues, debt and deficit isn’t in the top 10,” LaHood said.</p>
<p class="wp-block-paragraph">Experts suggest that a fiscal commission could assist in public education and outreach regarding these issues.</p>
<p class="wp-block-paragraph">Past commissions have had mixed results. The Greenspan Commission, which helped stabilize Social Security, is often cited as a success. House Financial Services Committee Chairman French Hill (R-AR) also referenced this commission.</p>
<p class="wp-block-paragraph">“I’ve always supported for years a balanced budget amendment to the Constitution,” Hill said. “I’ve always supported a bipartisan approach that can be used to resolve some of the mandatory spending challenges. That was successfully done in 1983 in the Greenspan Social Security Commission.”</p>
<p class="wp-block-paragraph">However, the Greenspan Commission was convened at the last minute after estimates indicated that the Old-Age and Survivors Insurance Trust Fund would soon run out of money.</p>
<p class="wp-block-paragraph">Hill warned that a similar situation could occur now.</p>
<p class="wp-block-paragraph">“I always think it’s better to act sooner rather than at the last minute, but Congress, over 200 years, has tended to wait towards where there’s a real significant motivating demand signal,” Hill said.</p>
<p class="wp-block-paragraph">While many support a fiscal commission, some lawmakers are skeptical about its effectiveness in addressing difficult issues like entitlement reform.</p>
<p class="wp-block-paragraph">“Do we really need to study the problem?” Rep. Eric Burlison (R-MO), a member of the Freedom Caucus, asked. “I think it’s a clear math problem. It’s not a Republican problem or Democrat problem. It’s a math problem. So we all know what we need to do, and that’s reduce spending.”</p>