11/10/2010 - A bipartisan commission focused on stabilizing the nation's soaring national debt wants to dramatically revise congressional budget rules to force lawmakers to set long-term borrowing goals and create triggers that would automatically enact painful spending cuts and tax increases if those goals were not met.
"Transparency, triggers and targets. That's sort of the key to our report," Bill Frenzel, a former ranking Republican on the House Budget Committee who co-chaired the effort, said Wednesday.
The nearly two-year effort was a partnership of the Peter G. Peterson Foundation, the Pew Charitable Trusts and the Committee for a Responsible Federal Budget. Its report, released Wednesday, is the first of three sets of recommendations for deficit reduction expected over the coming month. The other two, including one from President Obama's bipartisan fiscal commission, are expected to offer more explicit budget-balancing plans.
Read the article Bipartisan Commission Proposes Strict Budget Rules to Stabilize U.S. Debt on The Washington Post Web site.