If five Democrats and five Republicans vote to advance legislation from the committee by November 30, then the bill will move directly to an up-and-down vote by the end of the 115th Congress.

Sen. Orin Hatch, R-UT, co-chair of the committee, implored both parties to be open to all potential legislative fixes.

"There is no magic bullet," said Sen. Hatch. Any ultimate solution is "bound to make some people unhappy."

"This is not a partisan issue," said Sen. Sherrod Brown, D-OH, also co-chair of the committee. "We know what happens if we don't solve this," he said, referencing the more than 1 million pensioners who stand to lose all or most of their pensions absent a rescue package, and the potential for widespread bankruptcies among small businesses exposed to high liabilities under the multiemployer system.

Chamber of Commerce weighs in

In a substantial development, the U.S. Chamber of Commerce released a statement today in support of a rescue package for plans facing impending insolvency.

"The multiemployer crisis is a threat to the overall economy. Insolvent multiemployer plans will leave current retirees without benefits and could bankrupt employers in the plans, which could leave workers without jobs," said Aliya Wong, executive director of retirement policy for the U.S. Chamber of Commerce, in a statement.

The Chamber has previously produced data showing multiemployer plans generated $2.2 trillion in economic activity in 2015. Pensioners paid $158 billion in federal taxes, and $82 billion in state and local taxes.

Collectively bargained pensions support 13.6 million American jobs that contributed more than $1 trillion to U.S. GDP, including $41 billion in pension payments and $203 billion in wages to active participants in the plans.

Last November, Sen. Brown introduced the Butch Lewis Act. Under the bill, the Treasury Department would issue new U.S. backed debt securities to institutional investors. Proceeds would be used to channel low interest rate loans to troubled plans over 30 years. No pension benefits would be cut under the bill. Ten House Republicans have joined scores of Democrats in support of the Butch Lewis Act.

Several Democrats on the committee echoed the Chamber's warning over collateral damage to the overall economy if multiemployer plans are not rescued.

"There will be an economic crisis in this country if we don't act by the end of the year," said Rep. Debbie Dingell, D-MI.

Rep. Bobby Scott, D-VA, urged the committee to consider the cost of doing nothing to address the most poorly funded plans. Plan insolvencies would lead to reduced tax revenues, and increase federal and state social safety net spending "that would be more expensive than any solution we could reach."

"There would be a cumulative negative effect on entire communities," said Rep. Scott.

Portman calls out Dems

Sen. Rob Portman, R-OH, raised concerns over reports that Democrats on the committee have already met and agreed to work in unison supporting the Butch Lewis Act.

"I'm a little concerned with how we've started off," said Sen. Portman. "We have to be sincere about not treating this like another committee. If we divide along party lines, we might as well not waste our time. We have to figure out how to break through partisan lines."

Despite the 10 Republicans in the House who are co-sponsoring the Butch Lewis Act, several pension experts have suggested the bill will have a hard time drawing support among the Republican majorities in the House and Senate.

Some estimates put the cost of the bill into the hundreds of billions. An official score has not been released.

"We don't even have a CBO (Congressional Budget Office) score on Butch Lewis," noted Sen. Portman. "Preliminary scores are pretty concerning." Reports that Democrats on the committee are committed to advancing the Butch Lewis Act could lead to partisan divisions that ultimately block compromise, implied Sen. Portman.

"That concerns me, to be frank," he said. "We have to shed ourselves of existing views and start afresh." About 60,000 workers are impacted by potentially insolvent pensions in Ohio.

Rep. Richard Neal, D-MA, said the Butch Lewis Act does not ask for a government bailout, but rather asks the Treasury Department to "backstop the risk" underfunded pensions are facing. Treasury Secretary Steven Mnuchin is receptive to the proposal, said Rep. Neal.

Rep. Phil Roe, MD, R-TN, laid out three objectives for a solution. Agreement must be reached on what to do with the worst-funded plans "while protecting tax payers from bailouts," he said. New premium funding for the Pension Benefits Guaranty Corp., the federal agency that insures private pensions, must also be agreed upon. And alternatives to existing retirement plans must also be considered.

Rep. Roe has co-sponsored the Give Retirement Options to Workers Act with Rep. Donald Norcross, D-NJ, a former union member and a member on the joint committee. The Grow Act would establish composite retirement plans, a hybrid between defined benefit and defined contribution plans that would not be insured by PBGC.

"I'm confident that can be a piece of a multi-pronged approach to addressing this problem," said Rep. Roe, who was raised in a union household.

The Chamber's support for federal loans was made without naming the Butch Lewis Act, and was issued jointly with the National Coordinating Committee for Multiemployer Plans, which advocates for employer sponsors of collectively bargained pensions.

The two influential groups are also urging that "all parties" contribute to a resolution.

"We encourage Congress to consider options that put 'skin in the game for all.' This may be in the form of benefit modifications or other provisions. At the same time, these options should provide flexibility for plans," wrote the Chamber and NCCMP in laying out their principles for reform.

Throughout the hour-long hearing, members on the special committee were in agreement on at least one reality: The task at hand for lawmakers is considerable.

"Frankly my friends, this is a heavy workload," said Sen. Hatch, who will retire at end of the 115th Congress. "Listening will be far more important than talking in the next few weeks."