On November 10, the Senate Finance Committee held a hearing to consider the formation of a budget commission with fast-track powers. EPI Vice President Ross Eisenbrey addressed the budget committee and urged against such a commission, which he said would shortcut normal political processes and open the door to cutbacks in Social Security and other social insurance programs.

“This is no time to be cutting modest Social Security payments as fewer and fewer workers have secure pensions and trillions of dollars of retirement savings vanished with the bursting of the stock and housing bubbles,” said Eisenbrey.

EPI also issued a statement calling on President Obama to reject recommendations to form a budget commission with fast track powers.