WASHINGTON - Two of the Senate's top budget hawks launched a bipartisan bid Tuesday aimed at reining in a budget deficit that's expected to skyrocket because of spiraling spending on federal retirement programs.

The plan, by the Budget Committee's chairman and top Republican, Kent Conrad, of North Dakota, and Judd Gregg, of New Hampshire, would create a study group to develop recommendations on how to tame the deficit. Both the House and Senate would have to approve the idea for the task force to come together, and it's initial chances seemed mixed at best.

With the looming election year killing any chance for politically painful steps to reduce the deficit, the group wouldn't issue recommendations until after a new president is elected.

Under the plan, a 16-member study group made up equally of Republicans and Democrats would attempt to reach agreement on legislation to cut the deficit. If 12 panel members - including two Bush administration participants - can agree, the legislation would be submitted to Congress for a vote in early 2009.

The idea driving Conrad and Gregg's plan is that the politically excruciating steps required to improve the long-term budget picture can only be taken if there's bipartisan backing.

Neither political party is willing to take risky steps, such as curbing benefit programs like Social Security and Medicare, unless the opposing political party is willing to support the moves. Three-fifths of both the House and Senate would have to pass any task force recommendations.

That fast-track approach earned a cold-water critique from the Senate's top Democrat.

"The Conrad-Gregg proposal raises some serious questions," said Jim Manley, spokesman for Majority Leader Harry Reid, D-Nev. "Most fundamentally, is it appropriate to entrust the future of health care, Social Security, our tax system, and perhaps even Iraq, to a small group of individuals whose recommendations could be moved through Congress without meaningful public input or amendment?"

Rep. Paul Ryan, R-Wis., praised Gregg and Conrad for trying to tackle the budget deficit, but he worries that their approach would lead to tax increases.

The group would be chaired by Treasury Secretary Henry Paulson and recommendations wouldn't be due until after next year's elections.