Fiscal Commission Act of 2023

This bill establishes a 16-member Fiscal Commission in Congress to develop bipartisan recommendations for improving the federal budget and debt situation. The Commission must identify policies to balance the budget, stabilize the debt-to-GDP ratio at or below 100%, and improve long-term fiscal outlook, with recommendations requiring approval from at least 3 Republican and 3 Democratic members. The Commission must submit its report and legislative language by November 15, 2024, including economic and budgetary effects, after which Congress would consider the proposals through expedited procedures. The Commission would terminate 30 days after submitting its final report.