WASHINGTON, DC (WOWO) Indiana Senator Todd Young is part of a bipartisan group of lawmakers introducing legislation aimed at confronting the nation’s growing debt.

The proposal, known as the Fiscal Commission Act, would create a 16-member commission charged with developing recommendations to stabilize federal spending and improve the long-term fiscal outlook.

Supporters say the effort comes as the national debt has climbed past 38 trillion dollars and interest payments on that debt continue to grow.

Under the plan, members of the commission would examine federal spending and revenue policies and present legislative recommendations to United States Congress for consideration.

Young says the goal is to identify reforms that can address the country’s long-term financial challenges before interest payments begin to crowd out funding for major government programs.

Budget projections indicate federal interest costs could exceed one trillion dollars this year, raising concerns among lawmakers about the impact on programs such as Medicare and other federal priorities.

Backers of the legislation say the commission would bring together lawmakers and outside experts to develop bipartisan solutions designed to strengthen the nation’s financial stability over the long term.