Guam – Vice-Speaker BJ Cruz has introduced a new measure that seeks to create a temporary deficit commission in an effort to address longstanding issues with the government’s financial position.
Cruz says the commission would propose measures to reduced the government’s annual budget deficits. It would create an eight member panel consisting of representatives appointed by both the governor and legislature. The commission will be known as the Guam commission on fiscal responsibility and reform. Cruz says he got the idea from a fiscal responsibility commission created by President Obama. “I thought, wouldn’t that be the perfect thing for us to do here to get people together and try to decide on what long-term solutions and mid-term solutions should be done and what immediate action needs to be done to try to get us out of the fiscal dilemma that we’re currently in,” said Vice-Speaker Cruz.
Within one year the commission will have to submit a report and recommendations to balance the budget by 2020. The commission will then dissolve and cease to exist after it’s first report.