U.S. Senator Cynthia Lummis (R-WY) joined U.S. Senators Mitt Romney (R-UT) and Joe Manchin (D-WV) in introducing the Fiscal Stability Act which would create a bipartisan, 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 ten years ago. Senator Lummis has consistently expressed concerns that future generations in Wyoming will be stuck under a mountain of debt that they can never climb out from if the government does not balance the budget and begin paying down the debt.
“Since becoming a Senator in 2021, my highest priority has been placing our budget on a sustainable path. We have a moral obligation to future generations to rein in unchecked spending and address our surging national debt, rather than willfully saddling our grandchildren with a bill they cannot afford to pay,” said Lummis. “The people of Wyoming want commonsense solutions to balance our national budget, which is why I am joining Senators Romney and Manchin to establish a bipartisan fiscal commission laser-focused on improving our nation’s financial health.”
The bill establishes a bipartisan, bicameral 16-member commission consisting of 12 elected officials and four outside experts. The Speaker of the House, House Minority Leader, Senate Majority Leader and Senate Minority Leader would each appoint four individuals to the Commission. Three must be members of their respective chambers and one must be an outside expert.
The current national debt is $33.7 trillion. That is more than $100,000 per citizen and more than $250,000 per taxpayer.
Click here to read the full bill.
Sen. Lummis was one of the first to propose a fiscal commission in Congress when she introduced the Sustainable Budget Act in 2021.
