Written Testimony for the Record
House Committee on the Budget
Hearing: America’s Fiscal Future: Examining the Need for a Fiscal Commission
Date: September 24, 2026
Time: 2:00 PM CT
Location: Old Parkland, 3819 Maple Ave., Dallas, TX 75219
Submitted by Concord Action
Organization: Concord Action
Address: 1530 Wilson Blvd. Suite 650 Arlington, VA 22209
Telephone: 703.894.6222
Primary Contact: Bob Zahradnik, Policy Director
Address: 1530 Wilson Blvd. Suite 650 Arlington, VA 22209
Telephone: 202.406.0791
Email: [email protected]
Chairman Arrington, Ranking Member Boyle, and Members of the Committee:
Introduction
Concord Action appreciates the opportunity to submit this testimony for the record regarding the need for a bipartisan fiscal commission. America’s unsustainable fiscal trajectory presents one of the most significant long-term challenges facing the nation, and Congress should begin taking concrete steps now to develop a comprehensive plan to prevent a debt-induced crisis.
Concord Action is uniquely positioned to bring the perspective of citizens from across the country who are concerned about the nation’s fiscal position. Concord Action was created in March 2025 as a new nonprofit organization focused on building and engaging a grassroots network around the issue of our national debt and deficits and changing the conversation in Washington about fiscal responsibility in the federal budget process. Concord Action continues the legacy of The Concord Coalition’s work elevating this issue in the 1990s, which ultimately led to a balanced budget. Since its inception in March of 2025, Concord Action has already established a nationwide network of over 190,000 digital grassroots activists who have sent more than 500,000 letters to Congress.
The Problem
The United States currently carries more than $40 trillion in national debt. Interest costs have become one of the fastest-growing components of the federal budget and now exceed annual spending on national defense. As interest payments consume an increasing share of federal revenues, policymakers have fewer resources available for essential government services or to respond to economic downturns, national security challenges, natural disasters, and other unforeseen emergencies.
The risks associated with continued fiscal inaction are no longer theoretical. Americans have experienced inflation and higher borrowing costs, which put growing financial pressures on households and businesses. Increasing debt levels threaten long-term economic growth and contribute to uncertainty regarding the nation’s fiscal outlook. Despite these challenges, Congress currently lacks a comprehensive bipartisan plan to stabilize the debt and place the federal budget on a sustainable path.
The Value of a Fiscal Commission
A fiscal commission is not the only way Congress can address the nation’s debt challenges. Ultimately, elected officials must make the difficult policy choices necessary to improve the nation’s fiscal outlook. In addition to a fiscal commission, Concord Action’s Policy Agenda to Restore Fiscal Responsibility highlights several additional critical reforms including:
- Concord Action supports a balanced budget goal. A solid step toward that goal would be to reduce the deficit to 3% of GDP, effectively cutting the deficit in half.
- Do not allow budget reconciliation bills to increase the deficit by codifying the “Conrad Rule” that was in effect from 2007 to 2015.
- Reform and strengthen PAYGO by raising the threshold for waiving sequestration, including tax increases as potential offsets, and using enhanced PAYGO to lower the deficit.
- Enact “No Budget, No Pay” legislation (S. 88 and H.R. 5755) that would dock lawmakers’ pay for every day they fail to pass the budget resolution by April 15 and all 12 appropriations bills by September 30. Continuing resolutions don’t count. The proposed bills would apply to future Congresses starting in 2027.
At the same time, history demonstrates that bipartisan commissions can serve as valuable tools for developing consensus around goals and policy options, educating the public, and creating a structured process for reform.
Effective commissions bring together policymakers, experts, and stakeholders to examine long-term challenges in a transparent and bipartisan manner. They can help elevate public understanding of complex fiscal issues while creating political space for policymakers to consider reforms that may otherwise be difficult to advance.
Several past commissions illustrate the value of this approach:
- The 1981 National Commission on Social Security Reform, commonly known as the Greenspan Commission, produced recommendations that led to reforms extending Social Security’s solvency for decades.
- The Defense Base Realignment and Closure Commission (BRAC), established during a period of significant disagreement regarding defense spending, provided recommendations that resulted in the closure of hundreds of military installations and generated substantial savings.
- The National Commission on Fiscal Responsibility and Reform in 2010, commonly known as Simpson-Bowles, helped elevate awareness of the nation’s fiscal challenges and influenced subsequent policy discussions, including elements that informed the Budget Control Act of 2011.
While commissions do not guarantee legislative success, they can provide an important framework for action, establish bipartisan dialogue, and generate public engagement around complex fiscal issues.
Bipartisan Fiscal Commission Legislation Provides a Constructive Path Forward
Congress currently has an opportunity to take a meaningful first step by establishing a bipartisan fiscal commission through legislation. Two companion bills currently under consideration, the Fiscal Commission Act (H.R. 3289 and S. 4012), would create a 16-member bipartisan commission charged with recommending policies to improve the nation’s long-term fiscal outlook. These proposals would bring together members of Congress and outside experts to examine federal spending, revenues, trust fund solvency, and the overall debt trajectory.
The proposed commission would be tasked with developing recommendations designed to:
- Stabilize and reduce the federal debt as a share of the economy;
- Strengthen the long-term solvency of key federal trust fund programs;
- Educate the public about the nation’s fiscal challenges; and
- Build bipartisan consensus around sustainable fiscal reforms.
Importantly, the legislation would provide a mechanism for Congress to vote on the commission’s recommendations through an expedited legislative process. While Congress would retain full authority to approve or reject any recommendations, the process would ensure serious consideration of the commission’s work.
The legislation sets a clear fiscal objective: reducing publicly held debt to below 100 percent of Gross Domestic Product by 2039 and improving the solvency of major federal trust funds over a 75-year horizon. According to Congressional Budget Office projections released in February 2026, debt held by the public is expected to reach approximately 127 percent of GDP by 2039. Achieving a debt-to-GDP ratio below 100 percent would require roughly $9.5 trillion in deficit reduction. These figures underscore both the magnitude of the fiscal challenge and the urgency of beginning the work now. Every year of delay increases the scale of the eventual adjustments required.
The commission would also conduct public hearings around the country and engage citizens directly in discussions regarding the nation’s fiscal future. Public understanding and support will be essential if lawmakers are to enact durable solutions capable of improving the nation’s long-term financial position.
Conclusion
America’s fiscal challenges cannot be solved through delay. Rising debt and escalating interest costs threaten economic growth, reduce fiscal flexibility, and place increasing burdens on future generations. A bipartisan fiscal commission is not a substitute for congressional leadership, but it can provide an effective mechanism for developing solutions, educating the public, and building the bipartisan support necessary for meaningful action. Past commissions have demonstrated that such efforts can produce valuable reforms and lay the groundwork for future policy changes.
Concord Action therefore urges Congress to establish a bipartisan fiscal commission and begin the process of developing a credible plan to stabilize the debt, strengthen trust funds, and secure America’s long-term fiscal future.
Thank you for the opportunity to submit this testimony for the record.
Respectfully submitted,
Concord Action
