Congress appears to have abandoned addressing America’s $34 trillion debt as a commission proposal falls flat – KXAN Austin

WASHINGTON (AP) — Despite bipartisan support for a commission to address the federal government’s $34.6 trillion debt, the proposal appears to be dead in the water due to opposition from both the right and the left.

House Speaker Mike Johnson, who made establishing the commission a top priority, warned of dire consequences if action is not taken soon. However, lawmakers on both sides of the aisle are hesitant to make the tough decisions necessary to tackle the nation’s growing debt, especially in an election year.

Democrats fear the commission will recommend cuts to Social Security benefits, while Republicans are concerned about potential tax increases. This deadlock has stalled progress on the bill, with outside groups influencing lawmakers’ decisions.

Despite the challenges, supporters of the commission remain hopeful. They point to past successful commissions, such as those for military base consolidation, as models for addressing complex issues. However, skepticism from Democratic lawmakers and the White House, as well as opposition from influential groups, has hindered progress.

While the future of the bill remains uncertain, lawmakers like Rep. Scott Peters are determined to keep pushing for its approval. They see the commission as a necessary step towards addressing the nation’s fiscal challenges, even if it means facing backlash from both sides of the political spectrum.

As the debate continues, the fate of the debt commission hangs in the balance, with lawmakers weighing the difficult tradeoffs required to secure the nation’s financial future.