John DuBois - University of New Mexico/Talk Radio News Service
Speaking before the Senate Budget Committee on Tuesday, Rep. Frank Wolf (R-Va.) called for the creation of a bipartisan, 16-member panel to examine federal spending. The "Securing America's Future Economy" (SAFE) Commission would make recommendations to Congress regarding ways to limit overspending and would force lawmakers to vote on them.
According to Sen. Joe Lieberman (I-Conn.) the nation's deficit exceeded $1.4 trillion during the last fiscal year. Lieberman and other Democrats including Sen. Kent Conrad (D-N.D.) are in support of Wolf's proposal, making it a truly bipartisan bill.
Said Conrad, “We must also address the demographic challenge we face in Social Security and the revenue challenge we face from an outdated and inefficient revenue system."
The SAFE Commission mirrors legislation proposed by Wolf and Rep. Jim Cooper (D-Tenn.) in 2006. That bill, called the "Securing America’s Future Economy Commission Act," aimed to reform U.S. tax policy and entitlement benefit programs.
Lieberman argued that implementing Wolf's proposal will effectively help the country get back on the right fiscal track.
“The only way we will be able to make the difficult decisions needed to reduce our national debt is to create a special commission whose sole focus is to develop solutions to the long-term fiscal problems that our country faces,” said Lieberman.
Added Sen. George Voinovich (R-Ohio), “The federal government is the worst credit card abuser in the world and we’re putting everything on the tab of our children and grandchildren.”
“We can continue down the same path, which means that in just 15 years every penny of the federal budget will go toward entitlement spending and retiring our debt, or we can start making the hard choices now," said Wolf.
Bipartisan Group Pitches Commission To Examine Federal Overspending
Speaking before the Senate Budget Committee on Tuesday, Rep. Frank Wolf (R-Va.) called for the creation of a bipartisan, 16-member panel to examine federal spending. The "Securing America's Future Economy" (SAFE) Commission would make recommendations to Congress regarding ways to limit overspending and would force lawmakers to vote on them.
According to Sen. Joe Lieberman (I-Conn.) the nation's deficit exceeded $1.4 trillion during the last fiscal year. Lieberman and other Democrats including Sen. Kent Conrad (D-N.D.) are in support of Wolf's proposal, making it a truly bipartisan bill.
Said Conrad, “We must also address the demographic challenge we face in Social Security and the revenue challenge we face from an outdated and inefficient revenue system."
The SAFE Commission mirrors legislation proposed by Wolf and Rep. Jim Cooper (D-Tenn.) in 2006. That bill, called the "Securing America’s Future Economy Commission Act," aimed to reform U.S. tax policy and entitlement benefit programs.
Lieberman argued that implementing Wolf's proposal will effectively help the country get back on the right fiscal track.
“The only way we will be able to make the difficult decisions needed to reduce our national debt is to create a special commission whose sole focus is to develop solutions to the long-term fiscal problems that our country faces,” said Lieberman.
Added Sen. George Voinovich (R-Ohio), “The federal government is the worst credit card abuser in the world and we’re putting everything on the tab of our children and grandchildren.”
“We can continue down the same path, which means that in just 15 years every penny of the federal budget will go toward entitlement spending and retiring our debt, or we can start making the hard choices now," said Wolf.