Senate nixes debt commissionNEW YORK (CNNMoney.com) -- The Senate on Tuesday rejected a proposal to create a bipartisan commission charged with reining in the country's debt.The goal was to create a framework to force Congress to make some tough choices -- specifically tax increases and spending cuts.
Had it passed, Congress would have been required to take speedy votes on the commission's recommendations. The recommendations would have gone up for a vote by the end of this year.
The proposal fell by a vote of 53 to 46. Sixty votes were required for passage. The measure was attached as an amendment to a bill that would increase the legal limit U.S. debt by $1.9 trillion.
"While the statutory fiscal task force proposal ... did not secure the necessary 60 votes for adoption, I am heartened by the 53 votes we did receive," said Senate Budget Committee Chairman Kent Conrad, D-N.D., who co-sponsored the amendment with Sen. Judd Gregg, R-N.H., the committee's top-ranking Republican.
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Tuesday, January 26, 2010
Debt Control ... Not Really
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