“On fiscal matters, neither political party can impose its will on the other, and that it is not likely to change after the election,” said Sam Nunn, a member of the campaign’s steering committee who is also a co-chairman of The Concord Coalition. “Successfully tackling our fiscal challenges requires members of Congress to come together across party lines with a balanced plan that will strengthen the economy, reassure markets, and save future generations from an unbearable debt burden.”

Chairing the “Fix the Debt” campaign are Ed Rendell, former Democratic governor of Pennsylvania, and Judd Gregg, former Republican governor and senator from New Hampshire and a member of Concord’s Board of Directors.

The new campaign also includes Erskine Bowles and Alan Simpson, the chairmen of the National Commission on Fiscal Responsibility and Reform. Bowles served as White House chief of staff in the Clinton administration, and Simpson was a Republican senator from Wyoming.

The Concord Coalition welcomes the initiative and endorses its core principles. “We plan to work collaboratively with the campaign to build understanding and support for a comprehensive fiscal sustainability plan,” said Concord Executive Director Robert L. Bixby.

The debt is approaching $16 trillion, and Congress will likely need to pass another increase in the debt ceiling before the end of the year. This week the Government Accountability Office estimated that last year’s delays in raising the debt limit increased the Treasury’s borrowing costs by $1.3 billion in 2011.