Statement by Former Senate Budget Committee Chairman Pete Domenici and Former White House Budget Director Alice Rivlin

WASHINGTON, Nov. 21, 2011 /PRNewswire-USNewswire/ -- The following is a statement by former Senate Budget Committee Chairman Pete Domenici and former White House Budget Director Alice Rivlin, co-chairs of the Bipartisan Policy Center's Debt Reduction Task Force, on the Joint Select Committee on Deficit Reduction's failure to reach an agreement ahead of the pending deadline:

"We are profoundly disappointed by the Joint Select Committee's failure to reach a bipartisan agreement. The Committee had many ideas, policy options and solutions available to it, like those produced by our Debt Reduction Task Force and the Bowles-Simpson Commission, several of which received the support of both parties.

"The Committee's failure to reach an agreement means that the largest drivers of our debt, entitlements and tax policy, which everyone agrees are critical to American solvency in the future, remain unchanged. This is inexplicable given what has happened in Europe in recent months.

"The grand bargain that we hoped for would have provided numerous economic benefits, enhanced near-term job creation, stabilized the debt, and reduced the chances of a devastating double dip recession. We are encouraged by the conversations Republicans and Democrats in Congress had on the tough issues as a result of this Committee, including an unprecedented openness to reforming the entitlement programs and increasing taxes. We urge Congress to reinvigorate this debate in the coming weeks and ultimately find a long-term solution.

"Now, more than ever, the American public, the markets and the world need to be reassured that our political process is functioning in the public interest, not stuck in partisan gridlock."

About the Bipartisan Policy Center:
Founded in 2007 by former Senate Majority Leaders Howard Baker, Tom Daschle, Bob Dole and George Mitchell, the Bipartisan Policy Center (BPC) is a non-profit organization that drives principled solutions through rigorous analysis, reasoned negotiation, and respectful dialogue. With projects in multiple issue areas, BPC combines politically-balanced policymaking with strong, proactive advocacy and outreach. For more information, please visit our website: www.bipartisanpolicy.org.

SOURCE Bipartisan Policy Center

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