This bill, titled the "Fiscal Commission Act," establishes a bipartisan Fiscal Commission within Congress, to be formed within 60 days of enactment. The primary goals of the Commission are to educate the American public about the nation's fiscal trajectory and the risks posed by the national debt, emphasizing its implications for future generations.

The Commission is mandated to identify policies that will meaningfully improve the Federal Government's long-term fiscal condition, including reducing the debt and deficit. A key objective is to achieve a sustainable ratio of public debt to gross domestic product of not more than 100 percent by fiscal year 2039. Additionally, the Commission must propose changes to improve the solvency of federal trust fund programs for at least 75 years, considering macroeconomic effects and addressing gaps between revenues and expenditures.

The Fiscal Commission will consist of 16 members: 12 Members of Congress (three appointed by each of the four congressional leaders) and four outside experts. Two co-chairs will be appointed by congressional leadership, representing both political parties. The Commission is required to hold at least six hearings, including field hearings and testimony from executive branch officials and Members of Congress.

Between November 4 and November 13, 2026 (with a possible extension to April 2027), the Commission must vote on a final report containing its findings, conclusions, and recommendations, along with specific legislative language. Approval requires a majority vote, including at least two Republican and two Democratic members. This report and legislative language, accompanied by Congressional Budget Office estimates, will then be submitted to the President and congressional leaders.

A significant provision of the bill is the establishment of an **expedited consideration** process for the Commission's legislative recommendations, referred to as the "implementing bill." This process ensures that the implementing bill is introduced and brought to a vote in both the House and Senate without being subject to amendment. Points of order against the bill and its consideration are waived, and debate is limited, facilitating a direct vote on the Commission's proposals. The Commission will terminate 30 days after submitting its final report.