A Task Force Worth Forming

Today, President Obama issued an executive order creating a bipartisan fiscal reform commission. This is a step that Congress refused to take, but Obama has wisely embraced the idea first proposed by Senators Conrad and Gregg. The goal of the commission is to bring down the federal deficit to 3% of GDP. The recommendations of the commission are likely to include new taxes, spending cuts, and reforms to entitlement programs. Tax increases are obviously going to be unpopular, especially in an election year, and are unlikely to ever be enacted. But entitlement reform is sorely needed to ensure a sustainable fiscal future and spending cuts should be universally welcomed.

The possibility that tax increases may be recommended was the reason that Congressional Republicans refused to support a resolution creating the task force. Their stubbornness and inability to compromise have been duly noted for the record. Hopefully this commission can truly put aside the partisanship to find some common sense recommendations. And hopefully President Obama will follow through on his first serious attempt to control the deficit. We'll see...

http://thehill.com/homenews/administration/81863-obama-names-simpson-and-bowles-to-lead-fiscal-commission