Statements on News Reports on White House and Congress Discussions

Jan 20, 2010

Statement by Peter G. Peterson:

"I have long supported the creation of a statutory bipartisan commission that has the capability to make fiscal recommendations that are guaranteed to be voted on in Congress."

"I urge Congress to strongly consider a bipartisan fiscal commission to put America's fiscal house in order. If Congress fails to act now to create such a commission by law, then the President should do so by Executive Order and lawmakers should ensure that its recommendations will be voted on. Doing nothing is simply unacceptable."

"In addition, it would add to the credibility of such a commission if the President would announce specific proposals to reduce the deficit in his next budget."

Statement by David M. Walker:

"The American people have become increasingly concerned with escalating deficits and debt burdens. The regular legislative process in Washington is broken, and a special commission is needed to help put the federal government's finances in order."

"It is clearly preferable for the Congress to pass legislation that establishes a credible fiscal commission that will be guaranteed a vote on its recommendations. However, if Congress won’t act on its own, the President should do so by Executive Order. The time for action has come."

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