Statement from Bipartisan Policy Center on President Obama's Fiscal Package

"The President's engagement greatly increases the chances that the Joint Select Committee will be able to reach a 'grand bargain'"

WASHINGTON, Sept. 19, 2011 /PRNewswire-USNewswire/ -- The following is a statement released by Dr. Alice Rivlin and Sen. Pete Domenici, Co-Chairs of the Bipartisan Policy Center's Debt Reduction Task Force, on President Obama's fiscal package released this morning:

"We are very pleased that the President has outlined a broad fiscal plan to reduce forecast deficits. The President's engagement greatly increases the chances that the Joint Select Committee will be able to reach a 'grand bargain' that will put the federal budget on a fiscally responsible path. We understand that this is the beginning of a negotiation and not the last word on a fiscal package.  We hope that in the negotiations to come, fundamental re-structuring of Medicare and Medicaid and the tax code will become part of the equation.

"Without fundamental tax and entitlement reform, the nation simply cannot achieve fiscal stability.  We encourage Congress and the President to intensify their discussions and use the opportunities we believe are afforded by the Joint Select Committee on Deficit Reduction and its powers under the Budget Control Act.  The world is watching to see if our country can make decisions critical to our future economy and security.  Failure will bring further erosion of confidence in political leadership that will have negative consequences here at home and throughout the globe."

About the Bipartisan Policy Center:
Founded in 2007 by former Senate Majority Leaders Howard Baker, Tom Daschle, Bob Dole and George Mitchell, the Bipartisan Policy Center (BPC) is a non-profit organization that drives principled solutions through rigorous analysis, reasoned negotiation, and respectful dialogue. With projects in multiple issue areas, BPC combines politically-balanced policymaking with strong, proactive advocacy and outreach.  For more information, please visit our website: www.bipartisanpolicy.org.

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SOURCE Bipartisan Policy Center