Fiscal Reform Commission (E.O. 13531)

Summary

Creates a group to find ways to balance the government's budget and make sure it can pay its bills in the future.

What problem does this solve?

The government's spending is expected to be much higher than its income, creating long-term financial problems. This order creates a special group with members from both political parties to suggest ways to fix the budget.

What does this order do?

Establishes the National Commission on Fiscal Responsibility and Reform

Creates a new commission within the Executive Office of the President to focus on the country's financial health.

Defines the commission's mission

Tasks the commission with finding ways to balance the budget by 2015, not including interest payments on debt, and to improve the country's long-term financial future.

Sets up bipartisan membership

Requires the commission to have 18 members, appointed by the President and leaders from both parties in the Senate and House of Representatives.

Requires a supermajority for approval

States that any final report from the commission must be approved by at least 14 of the 18 members, ensuring broad agreement.

Sets a deadline for the final report

Mandates that the commission must vote on its final report and recommendations by December 1, 2010.

Specifies when the commission will end

Provides that the commission will be shut down 30 days after it submits its final report.

Who does this affect?

Federal government agencies
US taxpayers
Members of Congress

What is the real world impact?

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Creates a bipartisan path for difficult decisions

Forms a group with members from both political parties to tackle the difficult issue of the national debt. This approach aims to create recommendations that have a better chance of being passed into law.

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Delays or shifts political responsibility

Critics might argue that creating a commission is a way to avoid making hard choices about cutting spending or raising taxes. The commission's report is not binding, so lawmakers can choose to ignore its suggestions.

When does this start?

This order was effective on February 18, 2010, and sets a specific deadline for the commission's work.

Final report deadline

The Commission must vote on its final report and recommendations no later than December 1, 2010.