Summary
- Newly elected House speaker, Mike Johnson, proposed a bipartisan commission to address the $34.6 trillion federal debt
- Proposal faces opposition from both left-leaning groups fearing cuts to Social Security and right-leaning groups fearing tax increases
- Legislation would create a 16-member panel to recommend steps to balance the budget and improve fiscal health of Medicare and Social Security
- Despite setbacks, supporters are continuing to push for the commission’s approval in this Congress
