A new fiscal commission proposed by House Republicans that seeks to reduce federal spending would cost $12 million to operate, according to a report by the Congressional Budget Office (CBO).
Several House Republicans have proposed that a fiscal commission be appointed to recommend areas where public spending may be reduced, using their leverage in key votes — such as the election of a speaker of the House in October — to elicit leadership commitments for the measure. After a bill to create the same was introduced in the House on Sept. 28, the CBO released its cost estimate for the legislation on Thursday, concluding that it would cost $12 million to operate “over the 2024-2025” period. (RELATED: The Federal Government Spent $1 Trillion In First 2 Months Of FY2024)
“Based on the costs of other national public awareness campaigns and Congressional commissions, CBO estimates that implementing the bill would cost $12 million over the 2024-2025 period,” wrote Philip Swagel, the director of the CBO, which is a non-partisan agency of Congress, in the cost estimate. “CBO expects that most of that cost would be for the national public awareness campaign.”
CBO Cost Estimate of H.R. 5779 by Daily Caller News Foundation on Scribd
The bill was introduced by Republican Rep. Bill Huizenga of Michigan and is co-sponsored by 14 members, including both Republicans and Democrats.
“The Fiscal Commission shall identify policies to improve the fiscal situation in the medium term and to achieve a sustainable debt-to-GDP ratio of the long term, and for any recommendations related to Federal programs for which a Federal trust fund exists, to improve solvency for a period of at least 75 years,” reads the text of the bill, H.R. 5779, which is tentatively known as the Fiscal Commission Act of 2023.
The commission would comprise twelve members of Congress, equally divided between the Senate and House of Representatives’ majorities and minorities, as well as four experts. It would be required to produce a report with recommendations before May 15, 2025.
The legislation would also allow the commission to recommend bills to Congress for reducing spending, which would be subject to expeditious consideration on the floor of both houses.
The United States’ current sovereign debt is $34.11 trillion, which is 123% of the gross domestic product. The budget deficit for fiscal year 2023 was $1.7 trillion.
Huzeinga and Republican Rep. Victoria Spartz of Indiana, another proponent of the bill, did not immediately respond to a request for comment.
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