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 Obama 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.