(CNN) – As the Senate debates spending measures in President Obama’s stimulus bill, a non-partisan group launched a million-dollar ad campaign Wednesday to urge the new administration to create a task force to tackle rising entitlements costs.
The Peter G. Peterson Foundation, an institution dedicated to fighting wasteful government spending, printed ads in the Washington Post and Roll Call on Wednesday calling the current financial crisis “just the tip of the iceberg.”
“We must also focus on a much larger yet less visible threat: the $56 trillion in liabilities and unfunded retirement and health care obligations (that’s $483,000 per U.S. household), and the dangerous reliance on foreign lenders, that threaten our ship of state,” says the ad.
The group is asking Obama to appoint a bipartisan task force to deal with the current financial crisis and to fix structural problems with the economy overall. Congressional Democrats like Sen. Kent Conrad of North Dakota and Rep. Jim Cooper of Tennessee and Republicans like Sen. George Voinovich of Ohio and Rep. Frank Wolf of Virginia will join the group’s president and CEO David Walker for a press conference on Capitol Hill on Thursday to talk about the mission and ad campaign.
A spokeswoman for the foundation said the group is planning to spend a minimum of a million dollars on the ad campaign launched Wednesday, which will include an ad in the New York Times this week as well as television spots in the near future.