Support Grows for Romney and Manchin’s Fiscal Stability Act

WASHINGTON—Support grew this week for the Fiscal Stability Act, bipartisan legislation introduced by U.S. Senators Mitt Romney (R-UT) and Joe Manchin (D-WV) to strengthen America’s fiscal health and stabilize our nation’s finances for future generations. The Fiscal Stability Act would create a bicameral fiscal commission tasked with finding legislative solutions to stabilize and decrease our national debt, which now exceeds $33.6 trillion—more than double what it was just 10 years ago.

Cosponsors of the Fiscal Stability Act include Senators Todd Young (R-IN), Kyrsten Sinema (I-AZ), Cynthia Lummis (R-WY), John Hickenlooper (D-CO), John Cornyn (R-TX), Mark Warner (D-VA), Thom Tillis (R-NC), and Jeanne Shaheen (D-NH). The legislation is the companion to the House’s bipartisan Fiscal Commission Act, which was introduced by Representatives Bill Huizenga (R-MI) and Scott Peters (D-CA).

“BPC Action applauds Sens. Joe Manchin (D-WV), Mitt Romney (R-UT), and a bipartisan group of colleagues for elevating the need to address America’s unstainable fiscal trajectory through bipartisan debate and action with the introduction of the Fiscal Stability Act. We commend these Senate leaders and their peers for championing efforts to take this issue seriously. BPC Action continues to support the establishment of a bipartisan, bicameral fiscal commission. For years, we have worked to bring members of Congress from both chambers and sides of the aisle together to address the nation’s debt problem. In 2010, we convened the Debt Reduction Task Force, co-chaired by the late Senator Pete Domenici and OMB Director Alice Rivlin, and comprised of 19 former elected officials and experts with diverse backgrounds from across the political spectrum. The task force offered proof that, even in the face of political headwinds, a bipartisan group can offer viable policy options to tackle one of the most serious economic challenges facing the United States. More than a decade later, America’s fiscal risks have grown significantly. In establishing a fiscal commission today, lawmakers should ensure it first identifies why our country’s fiscal outlook is a problem, establishes bipartisan principles to address it, and then offers policy options that adhere to those principles. Such an approach will give a commission the greatest chance of garnering public support, fostering legislative action, and making a long-term impact.” – BPC Action

“Our mounting debt remains a key challenge facing our nation and addressing it will require the good-faith efforts of both parties.The Fiscal Stability Act will force Congress to confront our mounting national debt and work in a bipartisan fashion to find solutions. I applaud Senators Romney and Manchin for working on this issue together and urge its passage through Congress. – Former Speaker of the House Paul Ryan

“It is time for lawmakers on Capitol Hill to take our nation’s fiscal problems seriously, and I am encouraged to see both chambers introduce legislation that would implement a bipartisan commission to address fiscal reform. This is a first step in the right direction; however, both Democrats and Republicans must commit to major fiscal reforms. Bipartisanship is the only way any fiscal reforms will have credibility with the American public. American voters, specifically independent millennial voters, are tired of paying into entitlement programs they believe they will never benefit from, and they are concerned that the older generation will leave behind a $50 trillion national debt, in just a few years, for them to deal with. Congress has a responsibility to preserve economic opportunity and prosperity for our children and grandchildren while also protecting current beneficiaries who depend on these programs and ensuring their financial stability going forward.” – FreedomWorks

“The federal budget deficit has more than doubled in just the past year and annual interest payments on our national debt will soon exceed $1 trillion, which threatens to worsen inflation and crowd out critical public investments. Ninety percent of voters in both parties believe it is time for Congress to establish a bipartisan fiscal commission to tackle this growing problem. We commend Senators Manchin and Romney for spearheading this push in the Senate by introducing the Fiscal Stability Act.” – Ben Ritz, Director of the Center for Funding America’s Future at the Progressive Policy Institute

Budget deficits are headed towards $3 trillion within a decade, and the Social Security and Medicare systems face a $116 trillion cash shortfall over the next 30 years. By crafting the Fiscal Stability Act, Senators Mitt Romney and Joe Manchin are pressuring their colleagues to confront runaway deficits before they drive a debt crisis. This fiscal commission can bring both parties together, structure negotiations, and provide a path for Congress to vote on long-term fiscal sustainability for the first time in decades.” – Brian Riedl, Senior Fellow in Budget, Tax, and Economics at the Manhattan Institute

“Nine in ten voters support a bipartisan fiscal commission because they understand the urgency of addressing our $33 trillion and rising national debt. Stabilizing our growing debt should be a critical priority for the future of our nation and the economic prosperity of the next generation. The Fiscal Stability Act would create a comprehensive, dedicated process to look across the entire budget for structural spending and revenue reforms. This bipartisan group of policymakers, led by Senators Manchin and Romney, deserves credit for putting forward a responsible, forward-looking approach to finding fiscal solutions that will strengthen America’s economic future.”   Michael A. Peterson, CEO, Peterson Philanthropies

“It’s encouraging to see Senator Romney and Senator Manchin lead on introducing a Senate companion to the House Fiscal Commission Act by U.S. Representatives Bill Huizenga and Scott Peters. A well-designed bipartisan fiscal commission is our best hope for correcting the federal government’s unsustainable debt trajectory.” – Romina Boccia, Director of Budget and Entitlement Policy at the Cato Institute