Short title

This Act may be cited as the

Debt Commission Act of 2024

Establishment of a Debt Commission

(a)

Establishment of a debt commission

No later than 30 days after the date of enactment of this Act, there shall be established in Congress a Debt Commission.(b)

Membership structure

The Debt Commission shall be composed of 16 members, of whom—(1)four members shall be appointed by the majority leader of the Senate from among the current Members of the Senate;(2)four members shall be appointed by the minority leader of the Senate from among the current Members of the Senate;(3)four members shall be appointed by the Speaker of the House of Representatives from among the current Members of the House of Representatives; and(4)four members shall be appointed by the minority leader of the House of Representatives from among the current Members of the House of Representatives.(c)

Qualifications

Members appointed to the Debt Commission shall have significant depth of experience and expertise on fiscal issues.(d)

Vacancy

Any vacancy in the Debt Commission shall be filled in the same manner as the initial appointment under subsection (b).(e)

Co-Chairs

From among the members appointed in subsection (b), the leadership of the Senate and House of Representatives of the same political party as the President shall designate 1 member, and the leadership of the Senate and House of Representatives of the opposite political party as the President, shall designate 1 member to serve as a co-chairs of the Debt Commission.(f)

Staff director

The co-chairs of the Debt Commission, acting jointly, shall hire the staff director of the Debt Commission.(g)

Staff compensation

The co-chairs of the Debt Commission may jointly appoint and fix the compensation of staff of the Debt Commission as the co-chairs determine necessary, in accordance with the guidelines, rules, and requirements relating to employees of the Senate.(h)

Funding

Funding for the Debt Commission shall be derived in equal portions from—(1)the contingent fund of the Senate from the appropriations account Miscellaneous Items, subject to the rules and regulations of the Senate; and(2)the applicable accounts of the House of Representatives.(i)

Duties

The Debt Commission shall identify policies to—(1)achieve a sustainable ratio of the public debt of the Federal Government to the gross domestic product of the United States, in the midterm, including changes to address growth, discretionary appropriations, direct spending, and revenues;(2)improve the long-term solvency of Federal programs for which a Federal trust fund exists; and(3)reform budget processes for enhancing the fiscal oversight function of Congress.(j)

Powers of debt commission

(1)

Hearings

(A)

Public hearings

The Debt Commission shall hold public hearings and require attendance of witnesses and production of books, papers, and documents as the Debt Commission considers advisable.(B)

Initial meeting

Not later than 30 days after the date described in subsection (a), the Debt Commission shall hold the first meeting.(C)

Agenda

For each meeting of the Debt Commission, the co-chairs of the Debt Commission shall provide an agenda to the members of the Debt Commission not later than 48 hours before the meeting.(D)

Hearing announcement

The co-chairs of the Debt Commission shall make a public announcement of the date, place, time, and subject matter of any hearing to be conducted under this subsection not later than 7 days before the date of the hearing, unless the co-chairs determine that there is good cause to begin such hearing on an earlier date.(2)

Technical assistance

Upon written request of the co-chairs of the Debt Commission, the head of a Federal agency shall provide technical assistance to the Debt Commission in a timely manner in order for the Debt Commission to carry out the duties of the Debt Commission.(3)

Task forces and working groups

The co-chairs may establish task forces and working groups to carry out the duties of the Debt Commission, which may include participation by outside experts.(4)

Congressional budget office estimates

The Director of the Congressional Budget Office shall, with respect to the legislative language of the Debt Commission under subsection (l)(1)(B), provide to the Debt Commission—(A)estimates of the legislative language in accordance with sections 308(a) and 201(f) of the Congressional Budget Act of 1974 (2 U.S.C. 639(a) and 8 601(f)); and(B)information on the budgetary effect of the legislative language on the long-term fiscal outlook.(k)

Consultations with Congress

(1)

Recommendations of Committees

Not later than 60 days after the date of enactment of this Act, each committee of the Senate and the House of Representatives may transmit to the Debt Commission any recommendations of the committee relating to changes in law to achieve the changes described in subsection (i).(2)

Consultation with Committees

The co-chairs shall consult with the chairman and ranking minority member of each relevant committee of the Senate and of the House of Representatives regarding the contents of the final report and legislative language under subsection (l).(3)

Requirements for consultation

The consultation required under paragraph (2) shall provide the opportunity for the chairman and ranking member of each relevant committee of the Senate or of the House of Representatives to provide—(A)recommendations for alternative means of addressing the recommendations contained in the Debt Commission report; and(B)recommendations regarding which recommendations contained in the Debt Commission report should not be addressed in the proposed report.(4)

Supplemental views

The Chair and Ranking Member of each relevant committee can submit supplemental views to include in the final report under subsection (l).(l)

Final report, recommendations, and legislative language

(1)

In general

On November 15, 2024, or thereafter, but not later than 30 days before the date specified in section 401(a) of division D of the Fiscal Responsibility Act of 2023 (Public Law 118–5), the Debt Commission shall meet to consider, and vote on—(A)a final report that contains a detailed statement of the findings, conclusions, and recommendations required under subsection (i); and(B)legislative language to carry out the recommendations of the Debt Commission in the report described in subparagraph (A), which shall include a statement of the economic and budgetary effects of the recommendations by the Congressional Budget Office.(2)

Approval of report and legislative language

A final report and legislative language of the Debt Commission under paragraph (1) shall require a separate vote and the approval of a majority of the members of the Debt Commission, provided that such majority shall be required to include not less than 4 members of the Debt Commission appointed by members of the Republican Party and 4 members appointed by members of the Democratic Party.(3)

Additional views

A member of the Debt Commission who gives notice of an intention to file supplemental, minority, or additional views at the time of the final Debt Commission vote on the approval of the report and legislative language shall be entitled to 3 days to file those views in writing with the staff director of the Debt Commission to include in the final report.(4)

Report and legislative language to be made public

Upon the approval or disapproval of a report and legislative language under paragraph (1) by the Debt Commission, the Debt Commission shall promptly, and not more than 24 hours after the approval or disapproval or, if timely notice is given under paragraph (3), not more than 24 hours after additional views are filed under such paragraph (3), make the report, the legislative language, and a record of the vote on the report and legislative language available to the public.(5)

Submission of report and legislative language

If a report or legislative language are approved by the Debt Commission under paragraph (1), not later than 3 days after the date on which the report or legislative language are made available to the public under paragraph (4), the Debt Commission shall submit the report or legislative language to the President, the Vice President, the Speaker of the House of Representatives, and the majority and minority leaders of each House of Congress.(m)

Termination

The Debt Commission shall terminate on the date that is 30 days after the date the Debt Commission submits the final report under subsection (l) or December 31, 2024, whichever is earlier.

Expedited Consideration of Debt Commission Bills

(a)

Qualifying legislation

(1)

In general

Only a Debt Commission bill shall be entitled to expedited consideration under this section.(2)

Debt Commission bill defined

In this section, the term Debt Commission bill means a bill consisting solely of legislative language that the Debt Commission approves and submits under section 2(l)(5). (b)

Consideration in the house of representatives

(1)

Introduction

If the Debt Commission approves and submits legislative language under paragraphs (1) and (5), respectively, of section 2(l), the Debt Commission bill consisting solely of that legislative language shall be introduced in the House of Representatives (by request)—(A)by the majority leader of the House of Representatives, or by a Member of the House of Representatives designated by the majority leader of the House of Representatives, on the third legislative day after the date the Debt Commission approves and submits such legislative language; or(B)if the Debt Commission bill is not introduced under subparagraph (A), by any Member of the House of Representatives on any legislative day beginning on the legislative day after the legislative day described in subparagraph (A).(2)

Referral and reporting

Any committee of the House of Representatives to which a Debt Commission bill is referred shall report the Debt Commission bill to the House of Representatives without amendment not later than 5 legislative days after the date on which the Debt Commission bill was so referred. If any committee of the House of Representatives to which a Debt Commission bill is referred fails to report the Debt Commission bill within that period, that committee shall be automatically discharged from consideration of the Debt Commission bill, and the Debt Commission bill shall be placed on the appropriate calendar.(3)

Proceeding to consideration

After the last committee authorized to consider a Debt Commission bill reports it to the House of Representatives or has been discharged from its consideration, it shall be in order to move to proceed to consider the Debt Commission bill in the House of Representatives. Such a motion shall not be in order after the House of Representatives has disposed of a motion to proceed with respect to the Debt Commission bill. The previous question shall be considered as ordered on the motion to its adoption without intervening motion.(4)

Consideration

The Debt Commission bill shall be considered as read. All points of order against the Debt Commission bill and against its consideration are waived. The previous question shall be considered as ordered on the Debt Commission bill to its passage without intervening motion except 2 hours of debate equally divided and controlled by the proponent and an opponent.(5)

Vote on passage

The vote on passage of the Debt Commission bill shall occur pursuant to the constraints under clause 8 of rule XX of the Rules of the House of Representatives.(c)

Expedited procedure in the Senate

(1)

Introduction in the senate

If the Debt Commission approves and submits legislative language under paragraphs (1) and (5), respectively, of section 2(l)), a Debt Commission bill consisting solely of that legislative language may be introduced in the Senate (by request)—(A)by the majority leader of the Senate, or by a Member of the Senate designated by the majority leader of the Senate, on the next day on which the Senate is in session; or(B)if the Debt Commission bill is not introduced under subparagraph (A), by any Member of the Senate on any day on which the Senate is in session beginning on the day after the day described in subparagraph (A).(2)

Committee consideration

A Debt Commission bill introduced in the Senate under paragraph (1) shall be jointly referred to the committee or committees of jurisdiction, which committees shall report the Debt Commission bill without any revision and with a favorable recommendation, an unfavorable recommendation, or without recommendation, not later than 5 session days after the date on which the Debt Commission bill was so referred. If any committee to which a Debt Commission bill is referred fails to report the Debt Commission bill within that period, that committee shall be automatically discharged from consideration of the Debt Commission bill, and the Debt Commission bill shall be placed on the appropriate calendar.(3)

Proceeding

Notwithstanding rule XXII of the Standing Rules of the Senate, it is in order, not later than 2 days of session after the date on which a Debt Commission bill is reported or discharged from all committees to which the Debt Commission bill was referred, for the majority leader of the Senate or the designee of the majority leader to move to proceed to the consideration of the Debt Commission bill. It shall also be in order for any Member of the Senate to move to proceed to the consideration of the Debt Commission bill at any time after the conclusion of such 2-day period. A motion to proceed is in order even though a previous motion to the same effect has been disagreed to. All points of order against the motion to proceed to the Debt Commission bill are waived. The motion to proceed is not debatable. The motion is not subject to a motion to postpone. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the Debt Commission bill is agreed to, the Debt Commission bill shall remain the unfinished business until disposed of. All points of order against a Debt Commission bill and against consideration of the Debt Commission bill are waived.(4)

No amendments

An amendment to a Debt Commission bill, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the Debt Commission bill, is not in order.(5)

Rulings of the chair on procedure

Appeals from the decisions of the Chair relating to the application of the rules of the Senate, as the case may be, to the procedure relating to a Debt Commission bill shall be decided without debate.(d)

Amendment

A Debt Commission bill shall not be subject to amendment in either the Senate or the House of Representatives.(e)

Consideration by the other house

(1)

In general

If, before passing a Debt Commission bill, a House receives from the other House a Debt Commission bill consisting of legislative language approved by the same Debt Commission as the Debt Commission bill in the receiving House—(A)the Debt Commission bill of the other House shall not be referred to a committee; and(B)the procedure in the receiving House shall be the same as if no Debt Commission bill had been received from the other House until the vote on passage, when the Debt Commission bill received from the other House shall supplant the Debt Commission bill of the receiving House.(2)

Revenue measures

This subsection shall not apply to the House of Representatives if a Debt Commission bill received from the Senate is a revenue measure.(f)

Rules To coordinate action with other house

(1)

Treatment of debt commission bill of other house

If a Debt Commission bill is not introduced in the Senate or the Senate fails to consider a Debt Commission bill under this section, the Debt Commission bill of the House of Representatives consisting of legislative language approved by the same Debt Commission as the Debt Commission bill in the Senate shall be entitled to expedited floor procedures under this section.(2)

Treatment of companion measures in the senate

If, following passage of a Debt Commission bill in the Senate, the Senate then receives from the House of Representatives a Debt Commission bill approved by the same Debt Commission and consisting of the same legislative language as the Senate-passed Debt Commission bill, the House-passed Debt Commission bill shall not be debatable. The vote on passage of the Debt Commission bill in the Senate shall be considered to be the vote on passage of the Debt Commission bill received from the House of Representatives.(3)

Vetoes

If the President vetoes a Debt Commission bill, consideration of a veto message in the Senate under this paragraph shall be 10 hours equally divided between the majority and minority leaders of the Senate or the designees of the majority and minority leaders of the Senate.

Rulemaking

The provisions of this Act are enacted by Congress—(1)as an exercise of the rulemaking power of the Senate and the House of Representatives, respectively, and, as such, the provisions—(A)shall be considered as part of the rules of each House, respectively, or of that House to which they specifically apply; and(B)shall supersede other rules only to the extent that they are inconsistent therewith; and(2)with full recognition of the constitutional right of either House to change such rules (so far as relating to such House) at any time, in the same manner, and to the same extent as in the case of any other rule of such House.