The National Commission on Fiscal Responsibility and Reform is due to report its recommendations by December 1 and is scheduled to meet publicly on November 30 and December 1. The Commission must have approval of at least 14 of its 18 members to make any recommendations. In the meantime, there have been several major developments. As reported in last week’s Capitol Insider, the Commission Co-Chairs released a draft of proposals that the Commission members are considering. In addition, two other commissions or think-tanks have recently released proposals for reducing the federal debt.
- The Bipartisan Policy Center Debt Reduction Task Force – The Bipartisan Policy Center (BPC) is a non-profit organization established in 2007 by former Senate Majority Leaders Howard Baker, Tom Daschle, Bob Dole and George Mitchell to develop and promote bipartisan solutions to major issues facing the country. As part of its Economic Policy Project, The Center convened a Debt Reduction Task Force in January 2010 to develop and promote solutions to reverse the nation’s growing debt. The bipartisan Task Force is co-chaired by former Senator Pete Domenici (Senior Fellow at BPC) and Dr. Alice Rivlin (former OMB Director, founding CBO Director and Federal Reserve Board Vice-Chair). A full list of Task Force members and its November 2010 report is available at http://www.bipartisanpolicy.org/projects/debtinitiative
- Peterson-Pew Commission on Budget Reform – The Peterson-Pew Commission on Budget Reform convened fiscal and budget experts in January 2009 to recommend how to strengthen the federal budget process and to address the growing deficit. The commission produced one set of recommendations in December 2009 to address shortcomings in current budget rules, concepts and processes. It released a second set of recommendations in November 2010. Details can be seen at: http://budgetreform.org/node/1399/commissioners