Former Senate Budget Chairman Pete Domenici and Former OMB and CBO Director Alice Rivlin to lead Task Force that will produce specific budget plan for consideration by the Administration, Congress and the American People
WASHINGTON, Jan. 25 /PRNewswire-USNewswire/ -- Calling America's fiscal path "unsustainable," the Bipartisan Policy Center today launched its Debt Reduction Task Force to develop a comprehensive, bipartisan plan to reduce projected federal debt. Co-Chaired by former Senator Pete Domenici and Dr. Alice Rivlin, the Domenici-Rivlin Task Force will develop a comprehensive, balanced, and politically-viable package of spending reductions and revenue increases for expedited consideration by Congress and the Administration.
"We don't know how much of the debt is Republican or how much is Democratic, and it doesn't matter. For the first time in our nation's history, we risk undermining U.S. economic and military strength and becoming a second rate power. In particular, we are deeply concerned about the unprecedented level of U.S. debt held by foreign creditors," said Senator Domenici. "The severity of this problem will require members of both parties to come together to find a solution and bring the rising federal debt under control."
The Domenici-Rivlin Task Force has a strong bipartisan foundation and represents many groups who have a stake in real fiscal responsibility. Under the leadership of former Senate Budget Chairman Domenici (R-NM) and Dr. Rivlin, Office of Management and Budget Director during the Clinton Administration, the first Director of the Congressional Budget Office, and former Vice Chair of the Federal Reserve Board, the Task Force will bring together the nation's preeminent budget experts, key stakeholders, and former elected officials. A full list of Task Force members is below.
"Our Task Force will address many politically sensitive issues, recognizing that the solution to our nation's debt problem will call on the American people to make sacrifices. Our plan will contain specific spending and revenue recommendations to stabilize America's debt," said Dr. Rivlin. "We need to act soon and phase in changes as the economy recovers. The longer we wait, the tougher our choices will be."
Recognizing that the U.S. cannot simply rely upon economic growth to solve the federal fiscal imbalance, the Domenici-Rivlin Task Force will examine a broad range of spending and revenue options – leaving all options on the table – before developing and releasing its plan later this year. The plan will be a compromise and will be sensitive to the respective priorities of Republicans and Democrats. It will call for carefully phased-in measures to avoid undermining renewed job creation and economic recovery. The Task Force will meet in February to begin its deliberations on a specific budget plan.
"Our Task-Force brings together a broad range of budget experts and civic leaders to restore fiscal responsibility in our nation," said Charles Konigsberg, BPC's Economic Policy Project Director. "We hope our recommendations will educate the American people about the nature of the problem and provide Congress, the Administration, and the American people a bipartisan roadmap for solving the problem."
Bipartisan Policy Center's Debt Reduction Task Force:
Co-Chair Senator Pete Domenici: Senior Fellow, Bipartisan Policy Center
United States Senator from New Mexico (1973-2009)
Former Chairman, Senate Budget Committee
Co-Chair Dr. Alice Rivlin: Senior Fellow, Brookings Institution
Director, Office of Management and Budget (Clinton Administration)
Founding Director, Congressional Budget Office
Former Vice Chair, Federal Reserve
The Reverend A.R. Bernard, Sr.
President, Council of Churches of the City of New York
New York City Economic Development Corporation Board
Robert L. Bixby
Executive Director, The Concord Coalition
Partner, DLA Piper
Former U.S. Ambassador to Canada, former Governor of the State of Michigan and former U.S. Representative from Michigan
Faculty, John F. Kennedy School of Government, Harvard University and Georgetown University
Former Chief of Staff to Senate Majority Leader Bob Dole
Dr. Leonard E. Burman
Daniel Patrick Moynihan Professor of Public Affairs, Maxwell School of Syracuse University
Former Treasury Deputy Assistant Secretary for Tax Analysis
Former Director of the Tax Policy Center of the Urban Institute and Brookings Institution
Former Senior Analyst at the Congressional Budget Office
Carlos M. Gutierrez
Scholar, University of Miami Institute for Cuban and Cuban American Studies
Former Secretary of Commerce and former President and CEO of Kellogg USA
G. William Hoagland
Vice President of Public Policy, CIGNA
Former Staff Director, Senate Budget Committee
Former Director of Budget and Appropriations, Office of Senate Majority Leader Bill Frist
President and CEO, American Council of Life Insurers
Former Governor of Oklahoma
President & CEO of Women Entrepreneurs Inc. Founder, Small Business and Entrepreneurship Council
President, Committee for a Responsible Federal Budget
Visiting Professor, Georgetown Public Policy Institute Former Member, Council of Economic Advisors Former Acting Director, Congressional Budget Office
Senior VP and Director of Research, Committee for Economic Development Former Associate Director for Economic Policy, Office of Management and Budget Former Chief Economist House Budget Committee
Marc H. Morial
President and CEO, National Urban League
Former Mayor of New Orleans
William D. Novelli
Professor, McDonough School of Business at Georgetown University
Former CEO of the American Association of Retired Persons (AARP)
Anthony A. (Tony) Williams
Executive Director of the Government Practice at the Corporate Executive Board
Director of State and Municipal Practice at Arent Fox PLLC
Former Mayor of the District of Columbia and President of the National League of Cities
To learn more about the Domenici-Rivlin Task Force, please visit: www.bipartisanpolicy.org.
About the Bipartisan Policy Center:
In 2007, former U.S. Senate Majority Leaders Howard Baker, Tom Daschle, Bob Dole, and George Mitchell formed the Bipartisan Policy Center (BPC) to develop and promote solutions that can attract the public support and political momentum to achieve real progress. The BPC acts as an incubator for policy efforts that engage top political figures, advocates, academics, and business leaders in the art of principled compromise. For more information please visit our website: http://www.bipartisanpolicy.org/.
SOURCE Bipartisan Policy Center