U.S. Senators Johnny Isakson, R-Ga., and Saxby Chambliss, R-Ga., today joined with 25 of their Senate colleagues in co-sponsoring bipartisan legislation that would establish a task force charged with making recommendations on how to improve the government's long-term fiscal imbalances.
"As a businessman, I more than recognize that the way the government is operating is not only unsustainable, it is a recipe for disaster and failure," Isakson said. "I strongly support this legislation because our ever-increasing debt is a problem that affects everyone, and both political parties must tackle this issue together to ensure long-term success."
"This bipartisan task force will direct Congress and administration officials to address our long-term fiscal imbalances so we don't continue to burden our children and grandchildren with insurmountable debt," said Chambliss. "I believe that this is an important step in reigning in wasteful spending and ensuring Congress operates in a way that is more efficient and productive. I hope our colleagues will join us in supporting the creation of this task force."
Long-term projections show an unsustainable imbalance between government spending and revenues. Gross debt is likely to exceed 100 percent of GDP within the next few years, which cannot be corrected by economic growth alone. Additionally, health care entitlements and Social Security will consume increasingly more fiscal resources in the coming years.
Under the legislation, the task force would review projected federal revenues and expenditures as well as the long-term actuarial financial condition of the federal government. It would identify factors that affect the long-term fiscal imbalance and analyze potential courses of action.
The task force would make recommendations to Congress about spending and revenues to improve the long-term federal fiscal imbalance. Recommendations, if approved by 14 of its 18 members immediately after the 2010 elections, would be required to be introduced as legislation by each chamber's Majority or Minority Leader, or their designees, no later than November 23, 2010.
The task force would include eight Democrat and eight Republican members of Congress, who would be appointed by congressional leadership. The Secretary of the Treasury as well as an administration official appointed by the President would also serve on the task force. The Task Force would have bipartisan co-chairs with one selected jointly by the President, Senate Majority Leader and Speaker of the House and the other selected jointly by the Senate and House Minority Leaders.