Process The Commission News Today

Part of the debt or deficit reduction process the commission will be stale mated and that is the policy side and it depends who the republicans put on and it is that republicans will not put members on the commission who are in favor of tax increaseses and that will complicate things from the beginning and, so it does not have the force of law and congress doesnt have to follow it and the president may not endorse it and it may not be able to get a majority and that is where we are now. martha: ...

The president to commit whatever it rmecommends, put in the next budget to congress and that would give it presidential authority and i asked if it was possible yesterday, to a top white house economist and heres what he told me. >> im not going to speculate about commissions. i know the presidents committed -- has committed in the budget that we need -- he wants a commission, that we ought to have a bipartisan solution. for these big serious long-run fiscal issues, which remain almost exactly t...

Developments this morning in the climate change debate, the united nations climate chief plans to resign after holding that post for nearly four years, igo devor will officially step down july 1st, 5 months before about 200 nations gather in mexico for another attempt to reach some kind of agreement to control greenhouse gases. previous efforts to set emissions targets at level that would be fair to both developing and industrial countries have failed. no word yet on de boers successor. bill: so...

As to rise above partisanship and there will be 18 members. in addition, to the two cochairs, four others will be appointed by me, and six will be appointed by republican leaders, and six by democratic leaders. and their recommendations will require the approval of 14 of the commissions 18 members and that ensures that any recommendation coming out of this effort and sent forward to congress has to be bipartisan in nature. this commission is patterned on a bill that i supported for a binding com...

Then it has... simpsons picture. through nearly two decades in e the u.s. senate he earned a reputation for putting common sense in -- and the peoples welfare ahead of petty politics, thats number 2 republican in the senate, he made the tough choicesary to close deficits and played an role in bipartisan deficit reduction agreements. erskine bowles understands the importance of managing money responsibly in the public sect for where he ran the small business administration and served as president...

Every time government spending is a proportion of the -- as a proportion of the economy goes up which happened say from the mid 1960s to the early 1980s, the stock market gets worse and unemployment goes up. when we bring it down, as we did from the early 80s, for the next 20 years, stock market gets better, economy gets better, unemployment goes down. so we know what has to be done, spending restraint, get taxes off the backs of american people and american businesses, stable the dollar instead...

Have, and some analysts say that down the road, having such a panel may create the argument for a tax hike. major garrett joins us at the white house, that is a question, is it an executive order, not a law so exactly what is the commission capable of doing. >> reporter: there are two questions here, there is process and policy. and, lets take them in order, the process is, executive order, congress is not required to follow any of the recommendations, of the commission and the president is not ...

Administrations budget in the past ten years. i know, the issue of deficits has stirred debate. and there are some on the left who believe the issue can be deferred, and some on the right who will not enter into serious discussions about deficits without pre-conditions, but those who preach fiscal discipline have to be willing to take the hard steps necessary to achieve it and those who believe government has a responsibility to meet these urgent challenges, have a great stake in bringing our de...

Of the same people that the fingers get pointed at for jacking up the deficit to begin with, the financial sector, was the first group that was named for reckless spending, and for the -- from the financial sector and talked about the corporate loopholes that allow oil comes to, you know, not pay the taxes i guess that the president believes they should pay, and also said those who preach fiscal discipline which usually comes from the conservative side of the fence, that they need to sort of put...

Expected. lets hope that is a one-time thing for the month of january, folks. and were a few minutes away from the creation of the presidents so-called debt commission. okay? looking live at the -- inside the white house, president obama expected to step in front of that podium, about 10 minutes from now. he will sign an executive order establishing a new national commission on fiscal responsibility, and reform. bill: what is that. martha: well find out, right. good morning, welcome to a brand n...