1. Short title This Act may be cited as the Fiscal Commission Act of 2023 . 2. Definitions In this Act: (1) Co-chair The term co-chair means an individual appointed to serve as a co-chair of the Fiscal Commission under section 3(a)(3)(C)(i). (2) Fiscal Commission The term Fiscal Commission means the commission established under section 3(a). (3) Fiscal commission bill The term Fiscal Commission bill means a bill consisting solely of legislative language that the Fiscal Commission approves and submits under clauses (i) and (v), respectively, of section 3(a)(2)(B). (4) Outside expert The term outside expert is an individual who is not an elected official or an officer or employee of the Federal Government or of any State. 3. Establishment of Fiscal Commission (a) Establishment of fiscal commission (1) Establishment No later than 60 days after the date of enactment of this Act, there is established in Congress a Fiscal Commission. (2) Duties (A) Improve fiscal situation (i) In general The Fiscal Commission shall identify policies to improve the fiscal situation in the medium term and to achieve a sustainable debt-to-GDP ratio of the long term, and for any recommendations related to Federal programs for which a Federal trust fund exists, to improve solvency for a period of at least 75 years. (ii) Requirements In carrying out clause (i), the Fiscal Commission shall— (I) propose recommendations designed to balance the budget at the earliest reasonable date, including at minimum stabilizing the debt-to-GDP ratio at or below one hundred percent by the end of the 10-year period beginning on the date the Fiscal Commission is established