Reported by Matt Long, SCRN
House Speaker Nancy Pelosi last week announced the appointment of South Carolina representative John Spratt to the National Commission on Fiscal Responsibility and Reform. The Commission consists of 18 members including 12Representatives and Senators (six from each party) and six members from outside Congress.
The commission is tasked with finding a way to reduce the federal deficit to only three percent of the gross national product by 2015. The commission will release a report by December 5.
Spratt comes to the panel from the House Budget Committee where he has served for more than decade. He played a large part in creating a federal surplus with the passage of the 1997 Balanced Budget Agreement.
The commission has to have 14 of the 18 members approval for any recommendations it makes.