WASHINGTON, Jan 23 (Reuters) - U.S. President Barack Obama called on the U.S. Congress on Saturday to create a bipartisan panel that would look at ways to rein in the country's soaring deficits.
Obama said in a statement the country faced a 'serious fiscal situation' that stemmed from the recession he inherited and years of 'failing to pay for new policies.'
Democratic Senator Kent Conrad and Republican Senator Judd Gregg have been pushing legislation that would establish a panel to make recommendations on cutting the U.S. budget deficit, which ballooned to $1.4 trillion in 2009.
If the commission were established, it would develop recommendations that would be put before Congress. Lawmakers would have to consider whether to adopt the recommendations in full or reject them.
But Conrad and Gregg are having trouble attracting enough support for the measure.
Obama has considered creating a commission by executive order, but some lawmakers say any panel on deficits should be created by Congress because of its role in controlling the purse strings.
Obama said he strongly supported the legislation under discussion in Congress and urged 'senators from both parties to vote for the creation of a statutory, bipartisan fiscal commission.'
'With tough choices made together, a commitment to pay for what we spend, and responsible stewardship of our economy, we will be able to lay the foundation for sustainable job creation and economic growth while restoring fiscal sustainability to our nation,' he said.
Obama is to deliver his State of the Union address to Congress on Wednesday and aides have said deficit reduction will be one of the themes of that speech.
Obama's approval ratings have fallen to 50 percent from 70 percent when he took office a year ago and his party suffered an embarrassing defeat this week in a Massachusetts Senate race.
Some analysts say public anxiety about skyrocketing deficits are one of the factors hurting the Democratic Party, which is worried about potential losses to Republicans in the November congressional elections.
(Reporting by Caren Bohan; Editing by Peter Cooney) Keywords: OBAMA DEFICIT/ (caren.bohan@thomsonreuters.com; +1 202 898 8300; Reuters Messaging: caren.bohan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Obama said in a statement the country faced a 'serious fiscal situation' that stemmed from the recession he inherited and years of 'failing to pay for new policies.'
Democratic Senator Kent Conrad and Republican Senator Judd Gregg have been pushing legislation that would establish a panel to make recommendations on cutting the U.S. budget deficit, which ballooned to $1.4 trillion in 2009.
If the commission were established, it would develop recommendations that would be put before Congress. Lawmakers would have to consider whether to adopt the recommendations in full or reject them.
But Conrad and Gregg are having trouble attracting enough support for the measure.
Obama has considered creating a commission by executive order, but some lawmakers say any panel on deficits should be created by Congress because of its role in controlling the purse strings.
Obama said he strongly supported the legislation under discussion in Congress and urged 'senators from both parties to vote for the creation of a statutory, bipartisan fiscal commission.'
'With tough choices made together, a commitment to pay for what we spend, and responsible stewardship of our economy, we will be able to lay the foundation for sustainable job creation and economic growth while restoring fiscal sustainability to our nation,' he said.
Obama is to deliver his State of the Union address to Congress on Wednesday and aides have said deficit reduction will be one of the themes of that speech.
Obama's approval ratings have fallen to 50 percent from 70 percent when he took office a year ago and his party suffered an embarrassing defeat this week in a Massachusetts Senate race.
Some analysts say public anxiety about skyrocketing deficits are one of the factors hurting the Democratic Party, which is worried about potential losses to Republicans in the November congressional elections.
(Reporting by Caren Bohan; Editing by Peter Cooney) Keywords: OBAMA DEFICIT/ (caren.bohan@thomsonreuters.com; +1 202 898 8300; Reuters Messaging: caren.bohan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.