The House Budget Committee voted Thursday to advance landmark legislation that would create a fiscal committee to limit the growth of the national debt.
The committee advanced the bipartisan legislation in a 22-12 vote. The Fiscal Commission Act of 2023 would form a panel consisting of both Republican and Democratic lawmakers from both chambers of Congress, in addition to outside experts.
Specifically, the commission would be composed of 16 members — the speaker of the House, House minority leader, Senate majority leader, and Senate minority leader would each appoint four members. Three of the four members must be lawmakers, and one must be an outside expert.
The country is staring down some $34 trillion in national debt, which is projected to grow in the coming years and decades. Additionally, the federal budget deficit rose to $1.7 trillion for fiscal