WASHINGTON, D.C. –– U.S. Senator Kit Bond today joined Senators Kent Conrad (D-ND), Judd Gregg (R-NH) and a bipartisan group of 25 Senators to introduce a new bill that will create a task force to address the nation’s long-term fiscal crisis.

“In recent months, the message from the American people couldn’t be clearer—the taxpayer’s credit card is maxed out,” said Bond. “This bipartisan legislation is about listening to the American people and protecting the financial future and well-being of our children and grandchildren by taking real and important steps to address the nation’s growing fiscal crisis and getting our financial house in order and under control. Failing to address our financial problems is not an option.”

The bill, titled The Bipartisan Task Force for Responsible Fiscal Action of 2009, establishes an 18-member task force comprised of ten Democrats and eight Republicans, including the Secretary of the Treasury and another administration official selected by the President. The authors of the bill only included currently-serving Members of Congress to be task force members to ensure greater accountability to the American people.

The task force will review the current and long-term financial condition of the federal government. Following this review, the task force will make recommendations and submit them to Congress after the 2010 elections. Congress will consider the recommendations under expedited legislative procedures and required votes.

Some caveats are included in the bill to ensure bipartisan recommendations and agreements. For example, before the task force submits recommendations to Congress, 14 of the 18 task force members must agree with those recommendations. Final passage of the recommendations by Congress will require supermajorities in both the Senate and House.