The two ranking members of the U.S. Senate Budget Committee, Democrat Kent Conrad of North Dakota and Republican Judd Gregg of New Hampshire, have agreed on the structure for a bipartisan commission that could recommend spending reductions and revenue increases to Congress.

The 18-member commission would consist of 16 members from Congress, eight Democrats and eight Republicans and two from the Obama administration, including the Secretary of the Treasury. If 14 members of the commission reached agreement, their recommendations would be submitted to Congress for approval by supermajority vote. The commission would be similar to one that recommended military base closings in 2005.

The Congressional Budget Office forecasts the U.S. debt-to-GDP ratio to reach 68 percent by 2019, up from a low of 33 percent in 2001. According to Moody's Investors Service, the United States now has a resilient Aaa sovereign debt rating vs. the resistant top ratings of Canada, Germany and France.