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WASHINGTON — For Mike Johnson it was effectively a Day 1 priority.It's well past time, the newly elected House speaker said in October, to establish a bipartisan commission to tackle the federal government's growing $34.6 trillion in debt. 'The consequences if we don’t act now are unbearable,” he said, echoing warnings from his predecessor and other House Republicans.
The last fiscal commission over a decade ago — chaired by Erskine Bowles and Alan Simpson — recommended $4 trillion in deficit reduction over the course of a decade through a combination of tax increases and painful spending cuts. But the 11-7 vote in favor of the package was not enough to force Congress to consider it back in 2010.
America's Debt USA's National Debt Social Security America Medicare Tax Increases Spending Cuts Bipartisan Lame-Duck Session
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