1. Short title This Act may be cited as the Fiscal Stability 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)(2)(C). (2) Direct spending The term direct spending has the meaning given that term in section 250(c) of the Balanced Budget and Emergency Deficit Control Act of 1985 ( 2 U.S.C. 900(c) ). (3) Discretionary appropriations The term discretionary appropriations has the meaning given that term in section 250(c) of the Balanced Budget and Emergency Deficit Control Act of 1985 ( 2 U.S.C. 900(c) ). (4) Fiscal Commission The term Fiscal Commission means the commission established under section 3(a)(1). (5) Implementing bill The term implementing bill means a bill consisting solely of the text of the implementing bill that the Fiscal Commission approves and submits under subparagraphs (A) and (D), respectively, of section 3(c)(2). (6) Outside expert The term outside expert means 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 There is established in the legislative branch a Fiscal Commission. (2) Membership (A) In general The Fiscal Commission shall be composed of 16 members appointed in accordance with subparagraph (B) and with due consideration to chairs and ranking members of the committees and subcommittees of subject matter jurisdiction, if applicable. (B) Appointment Not later than 14 days after the date of enactment of this Act— (i) the majority leader of the Senate shall appoint 3 individuals from among the Members of the Senate, and 1 outside expert, who shall serve as members of the Fiscal Commission; (ii) the minority leader of the Senate shall appoint 3 individuals from among the Members of the Senate, and 1 outside expert who shall serve as members of the Fiscal Commission