Jan. 25, 2010

"I am pleased that the Bipartisan Policy Center is forming a broadly-based Task Force to analyze the nature of the indebtedness of the United States and make policy recommendations to put the nation’s fiscal house in order. Most Americans realize that we are mortgaging our future by spending and borrowing, and that our country has a level of debt that is unprecedented since the end of World War II.

"The BPC couldn’t have two better experts to lead this effort than Senator Pete Domenici and Dr. Alice Rivlin. Both of them have worked for more than 30 years to bring fiscal sanity to our government. Dr. Rivlin, who I know well from her days as the first Director of the Congressional Budget Office, served as head of OMB and as Vice Chair of the Federal Reserve Board. In these roles she saw firsthand how federal spending impacts interest rates, economic growth, and taxes.

"Pete Domenici, who was Chair of the Senate Budget Committee longer than any other Senator, has devoted his political career to balanced budgets. Pete was the man I turned to in 1981 when we had to devise budgets for this nation. His record of persistence, and his reputation for straight shooting, made him uniquely qualified for that undertaking – and for leading this Task Force.

"I am proud that the Bipartisan Policy Center has decided to take up this challenge. As the Congress and President consider future budgets, it is my hope that the work product of this Task Force will play an important role in the decisions they make."

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Debt Initiative, Economic Policy Project