Mo.'s Bond, McCaskill back debt reduction panel

AP News
Posted: Dec 10, 2009 11:14 AM

Missouri's two U.S. senators have signed on to legislation creating a special commission to recommend ways of reducing the federal debt.

The U.S. government had a record-high deficit of $1.42 trillion during the 2009 budget year that ended Sept. 30.

Republican Kit Bond and Democrat Claire McCaskill are among about 25 Senate co-sponsors of a bill that would create an 18-member bipartisan commission to study the country's long-term finances.

The panel would submit recommendations after the 2010 elections that would have to be accepted or rejected in their entirety by Congress. Adoption of the recommendations would require a three-fifths majority in each chamber.