The National Commission on Fiscal Responsibility and Reform (NCFRR) was a bipartisan presidential commission established in 2010 by President Barack Obama to address the growing U.S. federal budget deficit and achieve long-term fiscal sustainability. Chaired by former Republican Senator Alan Simpson and former Democratic White House Chief of Staff Erskine Bowles, the 18-member panel included 12 members of Congress (six from each party) and six private citizens with expertise in economics, budgeting, and public policy. The commission first convened on April 27, 2010, and was tasked with identifying policies to improve the medium-term fiscal situation through a balanced approach of spending reductions and revenue enhancements. Its work was prompted by concerns over rising national debt, projected to reach unsustainable levels as a percentage of GDP.

On December 1, 2010, the commission released its final report, titled 'The Moment of Truth,' which proposed a comprehensive plan to reduce the deficit by approximately $4 trillion over 10 years, aiming to stabilize debt at around 60% of GDP by 2020 and 40% by 2035. Key recommendations included significant spending cuts, such as gradually increasing the Social Security retirement age, reducing military and domestic discretionary spending, and reforming healthcare entitlements like Medicare. On the revenue side, the plan advocated for tax reforms, including broadening the tax base by eliminating or limiting certain deductions and credits, raising the federal gasoline tax, and introducing a value-added tax option. While the report emphasized shared sacrifice across all sectors, it faced internal divisions, with only 11 of the 18 members endorsing the full plan.

The NCFRR's recommendations, often referred to as the Simpson-Bowles plan, received praise from non-partisan anti-deficit groups as a promising starting point but ultimately failed to gain sufficient congressional support to be enacted. Political polarization and resistance to politically sensitive measures, such as entitlement reforms and tax increases, prevented its advancement, though elements influenced subsequent budget discussions. The commission's efforts highlighted the challenges of bipartisan fiscal reform in a divided government, serving as a reference point for future deficit reduction initiatives.