Fiscal Responsibility and Long-Term Economic Security Act
This bill establishes within the legislative branch the Joint Select Committee on Fiscal Responsibility and Long-Term Economic Security. The committee must (1) review the fiscal imbalance of the government, (2) identify factors affecting that imbalance, (3) analyze potential courses of action, and (4) submit a report containing recommendations and proposed legislative language to carry out the recommendations.
The required report must be approved by at least 10 of the committee's 16 members, including at least 5 members from the political party of the Speaker of the House and 5 members of the opposing political party. The bill also establishes procedures for expedited consideration of the proposed legislative language that the committee must submit as part of its report and recommendations.