Debt Commission Holds First Meeting

The bi-partisan commission put together to figure out how, exactly, to deal with the massive debts that the government has accumulated over the course of the financial crisis, had its first meeting on Tuesday, with President Obama, who established the panel in February, providing opening remarks.

Though the commission agreed that current levels of federal debt cannot be sustained, its members voiced a number of disagreements, such as whether the newly passed health care reform law was open for debate with regards to its impact on the government’s financial obligations. In general, Republicans expressed wariness of using new taxes to address the debt while Democrats were concerned about cuts to programs like Social Security and Medicare.

The panel’s first meeting involved a presentation by Fed Chair Ben Bernanke, who said that addressing U.S. debt levels will entail many “difficult tradeoffs,” adding that the American people will need to choose between modifying entitle programs, restraining federal spending, accepting higher taxes “or some combination thereof.”

All members are anticipating a great deal of work, however, with one member likening the process to “giving dry birth to a porcupine.” It should be noted, though, that the spines of baby porcupines do not harden until several hours after birth.