Conrad supports fiscal panel's plan

Conrad expressed support of the plan's tax code simplification. 

"This plan will make the tax code fairer and more efficient, and it makes clear that revenues, as well as spending, must be part of the solution to our deficit problems," he said. 

Although the plan is unlikely to get the 14 votes needed for the commission to make a formal recommendation to Congress, Conrad said the "commission was still well worth the effort," and "it has laid the groundwork so that progress can be made going forward."

If the plan doesn't get the needed votes, Conrad vowed to make the plan better. 

"There is an absolute sea change in people’s understanding of the dangers of inaction and the tough choices we face," he said. "Without question, the work of the commission has fundamentally moved the ball forward."

The proposal, co-written by commission co-chairmen former Sen. Alan Simpson and former White House Chief of Staff Erskine Bowles, would reduce deficits by $3.9 trillion over the next decade and cut debt as a share of the economy to below 60 percent by 2025. The deficit reduction is phased in gradually to avoid harming the nation’s economic recovery.