Peterson, Conrad Weaken Democracy, Social Security, Medicare, & Recovery

On Monday morning, wealthy hedge fund mogul Peter Peterson and his Commission on Budget Reform will hold a press conference to issue a "Call to Action to Stem the Mounting Federal Debt." Their scary promotional material declares, "The ever-growing federal debt is spiraling out of control. If not addressed . . . Americans could be faced not only with a lower standard of living, but a real fiscal crisis."

Peterson's self-appointed deficit warriors don't really have a plan to cut debt and deficits - although most of them have a clear record of trying to cut America's meager Social Security and Medicare benefits. But they are selling a dangerous and undemocratic new budget process that would take the responsibility for budget-making away from the President and the committees of Congress and give it to a new commission charged with coming up with a plan to reduce the deficit and then jamming it through Congress on an up or down vote, with little debate and no chance for amendments.