Wednesday
Dec092009
Senators Call For Task Force To Repair Debt
Wednesday, December 9, 2009 at 1:59PM
By Leah Valencia, University of New Mexico- Talk Radio News Service
Sens. Kent Conrad (D-N.D.) and Judd Gregg (R-N.H.) called on Congress Wednesday to repair the national debt, introducing legislation to create a bipartisan task force to address the long-term budget crisis.
“The biggest threat that faces our nation today is our fiscal situation at the federal level,” Gregg said during a press conference. “We are on a path to bankruptcy as a nation.”
The Task Force for Responsible Fiscal Action Act would be made up 16 Congressional Members and two officials from the Obama administration, including the Secretary of the Treasury. The task force would deliberate to create recommendations to solve fiscal imbalances.
The commission would function under a supermajority. For recommendations to be submitted for a vote, 14 of the 18 members would have to approve it.
“What we have outlined here has the best prospect of success but what is absolutely essential is that there be a special process, that it be bipartisan and that it lead to an assured vote on the work product of the task force,” Conrad said.
Both Senators said they want the bill to be a part of the upcoming vote to increase the debt limit, adding that they will not vote to raise the federal debt limit unless Congress commits to the task force.
“We’re saying very clearly that we’re not going for debt limit extension without an approach like this being included,” said Conrad. “We’re not going to relent on this and we’re not going to agree to any kind of long-term debt limit extension.”
The bill has 24 bipartisan co-sponsors thus far: nine Democrats, 14 Republicans and one Independent.
Sens. Kent Conrad (D-N.D.) and Judd Gregg (R-N.H.) called on Congress Wednesday to repair the national debt, introducing legislation to create a bipartisan task force to address the long-term budget crisis.
“The biggest threat that faces our nation today is our fiscal situation at the federal level,” Gregg said during a press conference. “We are on a path to bankruptcy as a nation.”
The Task Force for Responsible Fiscal Action Act would be made up 16 Congressional Members and two officials from the Obama administration, including the Secretary of the Treasury. The task force would deliberate to create recommendations to solve fiscal imbalances.
The commission would function under a supermajority. For recommendations to be submitted for a vote, 14 of the 18 members would have to approve it.
“What we have outlined here has the best prospect of success but what is absolutely essential is that there be a special process, that it be bipartisan and that it lead to an assured vote on the work product of the task force,” Conrad said.
Both Senators said they want the bill to be a part of the upcoming vote to increase the debt limit, adding that they will not vote to raise the federal debt limit unless Congress commits to the task force.
“We’re saying very clearly that we’re not going for debt limit extension without an approach like this being included,” said Conrad. “We’re not going to relent on this and we’re not going to agree to any kind of long-term debt limit extension.”
The bill has 24 bipartisan co-sponsors thus far: nine Democrats, 14 Republicans and one Independent.
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