Conrad calls for summit with lawmakers and White House on debt issues

The panel had spent the better part of the year trying to reach an agreement on a plan — they needed 14 votes to make an official recommendation to Congress, and got 11 of 18 this morning.

The Bowles-Simpson plan would cut nearly $4 trillion in deficit spending over the next nine years and reduce the federal debt to 40 percent of gross domestic product by 2035.