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Obama endorses deficit task force

Posted at 01:59 PM on Saturday, Jan. 23, 2010

WASHINGTON -- President Barack Obama Saturday endorsed a bipartisan plan to name a special task force charged with coming up with a plan to curb the spiraling budget deficit, though the idea has lots of opposition from both his allies and rivals on Capitol Hill.

The bipartisan 18-member panel backed by Obama would study the issue for much of the year and - if at least half of the GOP panel members agree, a big obstacle - report a deficit reduction blueprint after the November elections that would be voted on before the new Congress convenes next year.

"These deficits did not happen overnight, and they won't be solved overnight," Obama said in a statement. "The only way to solve our long-term fiscal challenge is to solve it together - Democrats and Republicans."

First, however, the plan would have to pass the Senate on Tuesday, where a vote has already been scheduled. Moderate Democrats want to attach the deficit task force plan to legislation to permit the government to continue borrowing money to pay for its operations.

The common wisdom is that the measure will fail since many Republicans oppose the plan as a recipe for tax increases, while Democrats worry it'll lead to cuts to Medicare and Social Security benefits.