Tags: gregg | deficit | task | force

Gregg Presses for Task Force on Deficit

Wednesday, 09 Dec 2009 01:31 PM

WASHINGTON – US Senators called Wednesday for the creation of a "task force" to find ways to curb the soaring long-term US budget deficit and report back to Congress after the November 2010 mid-term elections.

Senate Budget Committee Chairman Kent Conrad, a Democrat, and Senator Judd Gregg, the panel's top Republican, unveiled a bill that would establish such a special body with 10 Democrats and eight Republicans.

The proposal, similar to a plan floated in 2007 without success, would aim to examine ways to reduce the deficit, which the White House forecasts will reach a whopping 1.502 trillion dollars in fiscal 2010.

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"We face a perfect storm of exploding debt, brought on by rising health costs, a retiring 'baby boom' generation, and an outdated and inefficient revenue system. Now is the time to act," said Conrad.

"It is no longer enough for Congress to simply talk about reform; it is time for action and leadership," said Gregg.

The task force, grouping members of the US Congress and President Barack Obama's administration, would report back to Congress after the 2010 elections, and a majority of 14 members would be needed to publish any report or recommendation.

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