Dems Push for Independent Debt Panel

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Some Senate Democrats are pressing Senate Majority Leader Harry Reid, D-Nev., to create a special legislative process to deal with the nation's rising debt.

They're afraid it won't happen otherwise during normal congressional business.

"I told the president that process matters," Sen. Evan Bayh D-Ind., said. "I shared my view that Washington has proven itself serially incapable of getting federal spending under control. If you have the same people and the same process, you are going to get the same results."

The national debt is now at nearly $12 trillion -- and growing.

In addition, the budget deficit has reached a record high of $1.4 trillion.

"People understand that we're stealing from future generations," Bayh said. "We're setting the stage for another Perot moment."

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