CQ Today Midday Upadte
Published: 06-24-08
No one on the campaign trail this year has been talking much about the looming fiscal threat to Medicare and Social Security but it is an issue the next president and Congress may find difficult to ignore.
Republicans criticized Democrats for failing to address the long-term costs of the big entitlement programs in their budget this year. But congressional leaders argued against addressing the problem during an election year.
Instead several key lawmakers from both parties have introduced legislation that would create a commission composed of members of Congress and administration officials to produce tax and entitlement program changes that Congress would have to vote up or down without amendment.
Although the legislation is not expected to advance this year it remains a vehicle for debate and discussion.
Many in Congress privately concede it is all but impossible politically to make the tough choices required to address the problem through the normal legislative process.
On Tuesday the House Budget Committee will hold a hearing on the commission proposal featuring outside experts.
Among them is David M. Walker former U.S. comptroller general and head of the Government Accountability Office who has been sounding the alarm for years as health care costs soar and the huge Baby Boom generation retires.
Walker resigned his government job in March to become president and chief executive of the newly established Peter G. Peterson Foundation set up by the co-founder and senior chairman of The Blackstone Group who served as Commerce secretary in the Nixon administration. Peterson will also testify Tuesday.
“I have been around a very long time and I have never seen so many simultaneous challenges that I would describe as undeniable unsustainable and virtually untouchable politically” Peterson 81 said when he announced formation of his new foundation.
