Hatch: Leave VAT out of tax reform proposals

The report could include a VAT as an option. Volcker has suggested its consideration several times but has said he doubted it would be done in conjunction with the income tax. 

President Barack ObamaBarack ObamaWebb: After the debate Why not Gary Johnson? Donald Trump, the Russian candidate MORE has said he won't consider any ideas that would increase taxes on families making less than $250,000, in line with his pledge during the election. 

The panel, which includes a range of academics and economic experts, was formed February 2009 and was expected to produce a report by the end of 2009. But Volcker put that on hold indefinitely as the panel continued discussions through this year. 

During that time, the president also created a bipartisan fiscal commission to more closely examine the nation's debt issues. A report is expected from that group in December.