NEW YORK (CNNMoney) -- The push to come up with a plan to reduce national debt got a bipartisan bear hug in the Senate on Tuesday.
Three lawmakers who sat on President Obama's bipartisan debt commission -- Sens. Kent Conrad, Tom Coburn and Mike Crapo -- convened a meeting of more than 30 senators from both parties "to make sure everyone comes to consensus on how big the problem is and how real it is," Coburn told CNN.
Sen. Ron Wyden, who attended the meeting, said senators want to figure out a serious "down payment" on debt reduction and tackle one structural problem.
"I believe there is a sense that if you're going to turn this around and grow the economy, you're going to have to deal with one, major, long-term issue this year," he said. (Data visualization: Spending crunch ahead)
Conrad, who chairs the budget committee, said a broad effort -- sooner rather than later -- is needed.
"I think it's important to move on a comprehensive plan. Our whole challenge is so great I think you have to move on a broad front, really a comprehensive plan," said Conrad, who has been pushing for a fiscal summit between the White House and both parties in the House and Senate.
Separately on Tuesday, a bipartisan bill was introduced to establish a cap on spending at 20.6% of the economy as measured by the gross domestic product, on part with the 40-year historical average. Currently it's close to 25% and is projected to remain above 23% for the rest of the decade.
Several of the attendees at Tuesday's meeting are also part of another bipartisan group of senators organized by Sens. Mark Warner and Saxby Chambliss who are calling on the Senate to start tackling debt reduction this year.
Warner and Chambliss intend to introduce legislation this month that would call for many of the debt-reduction proposals put forth by president's debt commission.
Yahoo CEO Marissa Mayer was paid $6 million less in 2015, but her total compensation still comes out to $36 million. More
The Dow is down 300 points over the past two days, leaving the index on track for its worst week since early February. Blame fumbled earnings reports from the likes of Apple and Google as well as concerns about the Bank of Japan. More
Now you can watch the SpaceX Falcon 9 rocket land on a barge as if you were standing on the deck of the ship. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More