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Sep 21, 2007

Maybe This Doesn't Seem Like A Fantasy In North Dakota

From a press release from Senator Kent Conrad:
Senators Kent Conrad (D-ND) and Judd Gregg (R-NH), chairman and ranking member, respectively, of the Senate Budget Committee, today joined forces to offer a blueprint for prompting swift, bipartisan action to substantially improve the nation's long-term fiscal condition. ...

"The retirement of the Baby Boomers will seriously exacerbate a problem that has been building for years," said Senator Gregg. ...

The Bipartisan Task Force for Responsible Fiscal Action Act of 2007 establishes a 16-member task force comprised of eight Democrats and eight Republicans, designated by Congressional leaders and the President. Fourteen members of the task force will be current Members of Congress, and the remaining two members will be from the current Administration. The Secretary of the Treasury will chair the task force. ...

It will analyze all potential solutions, and make legislative recommendations to Congress and the President on how to substantially improve the long-term fiscal balance in a report due December 9, 2008. To ensure the bipartisanship of the recommendations, at least three-quarters of the task force, or 12 members, must agree to them before the report can be submitted.

Once Congress receives the recommendations as a legislative proposal, it must be fast-tracked to final consideration in both the Senate and House. Final passage of the bill requires a supermajority in each chamber -- three-fifths of the Senate and three-fifths of the House -- which is intended to ensure strong bipartisan support.

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