Bipartisan Policy Center Launches Debt Reduction Task Force

“We don’t know how much of the debt is Republican or how much is Democratic, and it doesn’t matter. For the first time in our nation’s history, we risk undermining U.S. economic and military strength and becoming a second rate power. In particular, we are deeply concerned about the unprecedented level of U.S. debt held by foreign creditors,” said Senator Domenici. “The severity of this problem will require members of both parties to come together to find a solution and bring the rising federal debt under control.”

The Domenici-Rivlin Task Force has a strong bipartisan foundation and represents many groups who have a stake in real fiscal responsibility. Under the leadership of former Senate Budget Chairman Domenici (R-NM) and Dr. Rivlin, Office of Management and Budget Director during the Clinton Administration, the first Director of the Congressional Budget Office, and former Vice Chair of the Federal Reserve Board, the Task Force will bring together the nation’s preeminent budget experts, key stakeholders, and former elected officials. A full list of Task Force members is below.

“Our Task Force will address many politically sensitive issues, recognizing that the solution to our nation’s debt problem will call on the American people to make sacrifices. Our plan will contain specific spending and revenue recommendations to stabilize America’s debt,” said Dr. Rivlin. “We need to act soon and phase in changes as the economy recovers. The longer we wait, the tougher our choices will be.”

Recognizing that the U.S. cannot simply rely upon economic growth to solve the federal fiscal imbalance, the Domenici-Rivlin Task Force will examine a broad range of spending and revenue options – leaving all options on the table – before developing and releasing its plan later this year. The plan will be a compromise and will be sensitive to the respective priorities of Republicans and Democrats. It will call for carefully phased-in measures to avoid undermining renewed job creation and economic recovery. The Task Force will meet in February to begin its deliberations on a specific budget plan.

“Our Task-Force brings together a broad range of budget experts and civic leaders to restore fiscal responsibility in our nation,” said Charles Konigsberg, BPC’s Economic Policy Project Director. “We hope our recommendations will educate the American people about the nature of the problem and provide Congress, the Administration, and the American people a bipartisan roadmap for solving the problem.”

Bipartisan Policy Center’s Debt Reduction Task Force:

Co-Chair Senator Pete Domenici: Senior Fellow, Bipartisan Policy Center

United States Senator from New Mexico (1973-2009)

Former Chairman, Senate Budget Committee

Co-Chair Dr. Alice Rivlin: Senior Fellow, Brookings Institution

Director, Office of Management and Budget (Clinton Administration)

Founding Director, Congressional Budget Office

Former Vice Chair, Federal Reserve

The Reverend A.R. Bernard, Sr.

President, Council of Churches of the City of New York

New York City Economic Development Corporation Board

Robert L. Bixby

Executive Director, The Concord Coalition

James Blanchard

Partner, DLA Piper

Former U.S. Ambassador to Canada, former Governor of the State of Michigan and former U.S.

Representative from Michigan

Sheila Burke

Faculty, John F. Kennedy School of Government, Harvard University and Georgetown University

Former Chief of Staff to Senate Majority Leader Bob Dole

Dr. Leonard E. Burman

Daniel Patrick Moynihan Professor of Public Affairs, Maxwell School of Syracuse University

Former Treasury Deputy Assistant Secretary for Tax Analysis

Former Director of the Tax Policy Center of the Urban Institute and Brookings Institution

Former Senior Analyst at the Congressional Budget Office

Carlos M. Gutierrez

Scholar, University of Miami Institute for Cuban and Cuban American Studies

Former Secretary of Commerce and former President and CEO of Kellogg USA

G. William Hoagland

Vice President of Public Policy, CIGNA

Former Staff Director, Senate Budget Committee

Former Director of Budget and Appropriations, Office of Senate Majority Leader Bill Frist

Frank Keating

President and CEO, American Council of Life Insurers

Former Governor of Oklahoma

Karen Kerrigan

President & CEO of Women Entrepreneurs Inc.

Founder, Small Business and Entrepreneurship Council

Maya MacGuineas

President, Committee for a Responsible Federal Budget

Donald Marron

Visiting Professor, Georgetown Public Policy Institute

Former Member, Council of Economic Advisors

Former Acting Director, Congressional Budget Office

Joe Minarik

Senior VP and Director of Research, Committee for Economic Development

Former Associate Director for Economic Policy, Office of Management and Budget

Former Chief Economist House Budget Committee

Marc H. Morial

President and CEO, National Urban League

Former Mayor of New Orleans

William D. Novelli

Professor, McDonough School of Business at Georgetown University

Former CEO of the American Association of Retired Persons (AARP)

Anthony A. (Tony) Williams

Executive Director of the Government Practice at the Corporate Executive Board

Director of State and Municipal Practice at Arent Fox PLLC

Former Mayor of the District of Columbia and President of the National League of Cities

To learn more about the Domenici-Rivlin Task Force, please visit: www.bipartisanpolicy.org.