Senate Addresses Budget Problems
One of the amendments of this nature was described in a Senate Press Release dated December 24, 2009: "A bipartisan group of Democratic and Republican Senators have cosigned a letter to President Obama urging him to support the Bipartisan Task Force for Responsible Fiscal Action Act of 2009. The legislation, S. 2853, introduced earlier this month by Senators Kent Conrad (D-ND) and Judd Gregg (R-NH), would create a bipartisan fiscal task force to address the nation's long-term budget crisis. The bill already has 35 co-sponsors and will be offered next month on the Senate floor as an amendment to a measure to increase the statutory limit on the public debt." Senator Conrad is the Chairman of the Budget Committee.
Co-sponsors of the bill include Senators Lieberman (Independent-CT), Chambliss (R-GA), Nelson (D-FL), and Isakson (R-GA).
The consensus in the Budget Committee is that Social Security and Medicare are heading for bankruptcy. Senator Gregg, the Ranking Member on the Senate Budget Committee, offered another Press Release dated December 9, 2009: "'Those who insist there is no crisis are undermining the very programs they seek to protect,' said Conrad and Gregg. 'Both Social Security and Medicare are currently cash negative and headed for insolvency. We need to reform these programs so they are preserved for current and future generations. And everything needs to be on the table, including spending and revenues.'"
In a speech in the Senate on December 23, 2009, Senator Conrad said, "What is even more alarming is the longer-term outlook. On the trend we are on, the debt, which will reach over 100 percent of the gross domestic product by 2019, is projected to hit 400 percent of gross domestic product by 2050."
The Senate expects the president's proposed budget by Monday, February 1, 2010.
Published by A. Collins
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