For Congress, which has shirked its responsibilities, the commission offers a chance to redeem itself by enabling reforms that might otherwise never see the light of day.
The U.S. House of Representatives and the U.S. Capitol Dome are seen on Capitol Hill in Washington, Wednesday, Jan. 11, 2023. There’s much talk today about the need for a fiscal commission. The House Budget Committee held a hearing about it a few weeks ago. Pundits are Substacking about whether using the approach to put federal finances on a sustainable path is a good or a bad idea. And according to a recent polling, voters support the idea of a commission.
Nor should I need to remind this column’s readers that government interest payments are growing quickly, propelled by higher interest rates applied to an expanding debt level. That’s the result of years of excuses that interest rates would remain historically low. So, yes, Congress knew this was coming. And yet it did nothing. Making matters worse, Republicans have abandoned the mantle of at least paying lip service to fiscal responsibility by refusing to talk about entitlement reform.
The commission could be established through legislation mandating that Congress consider any resulting proposals on a fast-track basis, with limited opportunities for amendment and delay. Such mechanisms have been used successfully in the past with military-base closure commissions and trade agreements, and they could be adapted to the task of fiscal reform.The commission’s work would inevitably confront entrenched interests and face stiff opposition from those who benefit from the status quo.
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