Gregg, a member of President Obama's National Commission on Fiscal Responsibility and Reform, commended the co-chairmen, Erskine Bowles and former Sen. Alan Simpson (R-Wyo.), for seeking common ground among the group's other 16 members.
"I am pleased to see that the final proposal includes significant emphasis on reining in spending, and a reform of the tax code that will reduce tax rates, vastly simplify the system and stimulate job growth," Gregg said.
The nation is "facing a fiscal crisis of epic proportions," so "bold steps are needed," Gregg said.
"Solutions must be aggressive, comprehensive and bipartisan."
At this point it is uncertain, albeit unlikely, that the plan will get the needed 14 votes to provide a formal recommendation to Congress.
"I hope that members of the commission will not let months of intense discussion and debate go to waste," Gregg said, "but instead will consider how important this first step is for our nation and for our children.”