(The Center Square) — The House Budget Committee passed a bill Thursday to create a bipartisan fiscal commission designed to keep the federal government from going broke.
The Committee passed H.R. 5779, the Fiscal Commission Act of 2023, with bipartisan support. Passage of the bill marked the first time the House Budget Committee had passed bipartisan legislation outside of budget resolutions in more than a decade, said House Budget Committee Chairman Jodey Arrington, R-Texas.
At the end of 2023, federal debt held by the public stood at 98% of the nation’s gross domestic product. The Congressional Budget Office projected in 2023 that the nation’s debt would exceed its historical high in 2029 when it hits 107% of GDP. It is expected to climb to 181% of GDP by 2053.
“No leader worth their salt can see those stunning numbers and not be shaken to their core and cannot