Domenici and Rivlin co-chair the Bipartisan Policy Center’s Debt Reduction Task Force

Nov. 8, 2011

Washington, D.C. - The following is a statement by former Senator Pete Domenici and Dr. Alice Rivlin, Co-Chairs of the Bipartisan Policy Center’s Debt Reduction Task Force, following today’s speech by New York City Mayor Michael Bloomberg on deficit reduction:

“We welcome the detailed fiscal recommendations by Mayor Michael Bloomberg. His message to the president, Congress and the Joint Select Committee on Deficit Reduction (JSC) mirrors our message of the last year: America’s financial security and reputation in the world hang in the balance.

“Mayor Bloomberg’s call for a broad, comprehensive plan that puts the entire budget on the table reflects fiscal reality. As mayor of the financial center of the world, and of a diverse and vibrant city itself facing significant fiscal challenges, he is well-positioned to address the policy stance of the nation. Because he must answer to New York’s voters, his proposals have even greater credibility. And his broad experience in both policymaking and financial markets is a solid base for his ideas.

“Recent public statements by members of Congress saying that the JSC will fail because one side doesn’t want revenues and the other side doesn’t want entitlement reform are disheartening. The Simpson-Bowles Commission, the Domenici-Rivlin Task Force, the Gang of Six and other bipartisan groups have all concluded that the rising debt cannot be controlled unless politicians have the courage to both curb the growth of entitlement spending, especially Medicare, and raise more revenue by reforming the tax code. We hope that our political leaders will listen to Mayor Bloomberg and consider the disastrous consequences failure could have for Americans’ standard of living and our country’s global standing.”

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Economic Policy Project