New Mexican former Senator becomes rare Republican to praise Obama deficit pitch.
Statement by Former Senate Budget Committee Chairman Pete Domenici on President Obama’s Debt Reduction Framework
Washington, D.C. – The following is a statement by former Senate Budget Committee Chairman Pete Domenici, a Senior Fellow and co-chair of the Debt Reduction Task Force at the Bipartisan Policy Center, on the debt reduction proposals put forth by President Barack Obama today:
“I commend President Obama for laying out his specific proposals for deficit reduction today, and I believe that his leadership marks a crucial moment in the ongoing debate about our nation’s debt and fiscal situation. Although there is much work to be done, the president has shown that he understands the magnitude and urgency of the problem and is willing to take immediate action to solve it by putting forth specific targets, including his goal to reduce our deficit by $4 trillion in 12 years or less, and ideas on process and tax reforms, including a debt failsafe trigger.
“I agree with the president that ‘any serious plan to tackle our deficit will require us to put everything on the table,’ including Medicare and Medicaid. While I prefer the Medicare proposal put forth by the Bipartisan Policy Center, the president’s willingness to tackle the largest drivers of our debt shows that members of both parties are willing to have a straightforward, constructive debate about this problem.
“Now the parties must come together to find solutions. I believe that convening a bipartisan, bicameral congressional group to lead the negotiations on a legislative framework is precisely the right thing to do. It is my hope that those negotiations will pave the way for the upcoming debate about the nation’s debt ceiling.
“As he said today, ‘we will all need to make sacrifices,’ and I hope the president continues to clearly explain and educate the American people about the catastrophic size of our nation’s debt and the reforms that will be needed to get us back on a path of economic growth and job creation.”
The Bipartisan Policy Center’s Debt Reduction Task Force includes 19 former White House and Cabinet officials, former Senate and House members, former governors and mayors, and business and labor leaders. The Task Force, led by former Senate Budget Committee Chairman Pete Domenici and former White House Budget Director Alice Rivlin, released its bold, comprehensive plan to address the nation’s debt crisis last November, titled Restoring America’s Future .