The Senate has taken a stand against President Barack Obama’s plan to form a bipartisan task force in order to take on the deficit this year.
Had the Senate approve the special deficit panel, the group would have worked to calculate appropriate tax and spending cuts follow the midterm elections. The President only managed to receive 53 of 100 Senate votesm narrowly missing the required 60 votes.
The most recent congressional budget estimates, released Tuesday forecast a $1.35 trillion deficit for 2010 as the nation’s economy slowly crawls back to health.
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