Budget Committee Hearing On Fiscal Commission Underway Shortly

10:00 ET 15:00 GMT: The House Budget Committee is shortly due to hold a hearing on establishing a fiscal commission to address federal debt growth, a key priority of House Speaker Mike Johnson (R-LA). Livestream

• The Washington Post reports: “The committee held a similar hearing last month, but this one is expected to be better attended after Moody’s lowered its outlook for the federal government’s debt this month...”
• The Hill notes that the idea of a commission, a regular proposal which rarely delivers concrete results, "is drawing mixed reviews from some lawmakers amid skepticism of its chances of success in a divided Congress."
• Outgoing Senator Mitt Romney (R-UT) said this week: “The urgency to actually establish a commission to look at our spending and taxing has increased dramatically since Simpson-Bowles made an effort a decade ago.”
• Senate Finance Committee Chair Ron Wyden (D-OR) said: “The history of these things is, you know, Republicans are big on the spending cuts, but then decide they want to let the billionaires get off the hook on revenue."
• Budget Committee Chair Jodey Arrington (R-TX) is expected to say in opening remarks: “While we understand a fiscal commission is not a panacea to fix all our financial problems, a commission does offer a productive, depoliticized forum for educating the public and identifying consensus solutions for addressing our growing deficits and long-term unfunded liabilities.”