Conrad, Gregg to Announce Deficit Reduction Commission

Searching for ways to “get a handle on the federal deficit, the top Democrat and Republican on the Senate Budget Committee are expected on Wednesday to announce an agreement for a bipartisan commission that could recommend spending reductions and revenue increases aimed at bringing the deficit under control,” the New York Times reports.

Senator Kent Conrad, the North Dakota Democrat who chairs the panel, and Senator Judd Gregg of New Hampshire, the senior Republican, have, according to officials, reached an agreement for an 18-member commission, with 16 of those members coming from Congress and two from the administration. The Congressional membership would be evenly divided by party.

If 14 of the 18 members of the commission could agree, their recommendations would be submitted for a vote in the House and Senate after the 2010 elections. Approval would require a supermajority.

The lawmakers would like “the commission proposal to be part of a coming vote on increasing the federal debut limit.”

But it is likely to meet opposition from some Congressional Democrats and White House officials who are reluctant to cede too much power to a commission even it consists mainly of lawmakers.

(credit image – getty)