U.S. Senators John Curtis and Angus King introduced the Fiscal Commission Act on Mar. 10, a bipartisan bill aimed at stabilizing and reducing the national debt, which now exceeds $38.8 trillion.
The legislation seeks to create a bipartisan, bicameral fiscal commission tasked with finding legislative solutions to stabilize spending and decrease the national debt. The issue is significant as the growing debt poses risks for future generations, potentially leading to higher costs for families and fewer economic opportunities.
“Our national debt has ballooned to over $38 trillion—a staggering figure that threatens higher costs for families, fewer economic opportunities, and a heavier burden for future generations,” said Senator Curtis. “Our children and grandchildren need real reform, which is why we’re introducing the Fiscal Commission Act. This legislation creates a bipartisan, bicameral process to develop meaningful solutions to confront our unsustainable debt, safeguard our economic strength, and ensure fiscal stability well into the future.”
Senator King said, “Right now, the national debt breaks down to over $113,000 for every man woman and child in this country—that’s overwhelming and unsustainable. To add insult to injury, payments on interest alone—just this year—have become a larger source of spending than both Medicare and national defense spending.” He added that both parties contributed to the current situation: “The Fiscal Commission Act will ensure that our government works in a bipartisan, bicameral manner to find legislative solutions that stabilize spending and decrease the national debt, since both parties dug this hole and we need to work together to get out of it. This bill is an important step forward in fiscal responsibility for future generations and most importantly moves the country in a direction where the government is a more responsible steward of taxpayer dollars.”
Other cosponsors include Senators Thom Tillis, Chris Coons, Todd Young, Tim Kaine, Bill Cassidy, Jeanne Shaheen, Kevin Cramer, and Mark Warner. Each expressed support for addressing what they described as an urgent fiscal challenge through bipartisan cooperation.
According to background information provided by Curtis’s office, annual budget deficits totaled $1.7 trillion in calendar year 2025 alone. The federal government is projected to spend more than $1 trillion on interest payments in 2026—making it one of its largest expenditures after Social Security.
Representative Bill Huizenga also voiced support: “Forcing Congress to comprehensively and definitively address the national debt through the Fiscal Commission Act could be our last best chance to protect our nation’s financial future… Today’s introduction proves that establishing a fiscal commission is still…the most bipartisan, practical, and immediate way to finally stop kicking the can down the road.”
