Obama sets up Commission on debt reduction
February 18th, 2010 | 
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Lalit K Jha Washington, Feb 18 (PTI) US President Barack Obama today established a bipartisan commission to recommend steps to reduce the country’’s record debt and deficits that threaten to “hobble our economy”. The National Commission on Fiscal Responsibility and Reform would be co-chaired by the former White House Chief of Staff Erskine Bowles and former Republican Senate Whip Alan Simpson.
“For far too long, Washington has avoided the tough choices necessary to solve our fiscal problems and they won”t be solved overnight,” Obama said in his speech at a White House ceremony to sign executive order in this regard. He warned that without action, the accumulated weight of “structural deficit of ever-increasing debt will hobble our economy.
But under the leadership of Erksine and Alan, I”m confident the Commission will build a bipartisan consensus to put America on the path toward fiscal reform and responsibility.” The new Commission would try to restore reason to the fiscal debate and come up with answers.
It is tasked to provide recommendations on how to cover the costs of all federal programmes by 2015 and improve long-term fiscal picture, Obama said. He said with many Americans still out of work, the task of recovery is far from complete.
“So in the short term, we”re going to be taking steps to encourage business to create jobs that will continue to be my top priority. Still, there’’s no doubt we”re going to have to also address the long-term quandary of a government that routinely and extravagantly spends more than it takes in.
Story Url: http://in.news.yahoo.com/20/20100218/372/tbs-obama-sets-up-commission-on-debt-red.html
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