Bill would form bipartisan panel to rein in federal debt

What does this do?

This bill would set up a National Commission on Fiscal Responsibility and Reform with 18 members. The commission would have one year to write a report recommending how to balance the federal budget, not counting interest payments, within 10 years. At least 12 of the 18 members, including at least 4 from each major party, must agree before a report can be officially released.

Who does it affect?

The commission would include presidential appointees and current members of both the Senate and House from both major parties. Once the commission delivers its report, the President must propose a law to carry it out, and Congress must vote on it quickly without the option to make changes.

Why does it matter?

The commission would be directed to look at the gap between what the government spends and what it collects, including the growth of programs like Social Security and Medicare. Its recommendations could lead to changes in federal taxes, spending programs, and government services that affect all Americans.

Where does it stand?