Obama Formally Launches Federal Deficit Commission

HopeTracker| President Obama created today a bipartisan commission to confront the nation’s deficit. The Republicans haven’t confirmed that they’re willing to participate, although Obama asked House Republican leader John Boehner (R. Ohio) and Senate Republican Leader MItch McConnel (R. Ky) to appoint members of the commission. Both lawmakers ahve supported a version of the commission in the past.

The President formally introduced the men picked to lead the panel—former Republican Sen. Alan Simpson and former Clinton White House Chief of Staff Erskine Bowles — who have the daunting task of slashing the deficit to around 3% of gross domestic product by 2015 from its projected high of 10.6% in the current fiscal year.

The panel’s recommendations are due by Dec. 1, following the mid-term elections. via Wall Street Journal