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president, thi this closely follows the recommendation of senator gregg and i from five years ago to create a commission empowered to bring to a vote in the senate and the house a plan to get our debt under control and to do it so that you wouldn't have the endless process that our current situation requires. mr. president, the idea was to create a brac-like system so that a proposal could come before the senate, could come before the house to get our debt down. it is modeled in many ways after the reconciliation process that was designed for deficit reduction and only requires a simple majority vote. there is a failsafe. if this committee fails to produce a result, the failsafe is across-the-board cuts in defense and non-defense spending with exemptions for social security, veterans, low-income people, and it limits the medicare reductions to 2%. mr. president, i would prefer that the medicare reduction not be there because there is no revenue that's assured in this plan. but we do have a have a failsafe. we do have to have some assurance that the savings are actually realized. and