Obama sets up deficit panel without help from Hill - Spokane, North Idaho News & Weather KHQ.com

Obama sets up deficit panel without help from Hill

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(President Obama, flanked by Erskine Bowles and Former Sen. Alan
Simpson, signs an executive order establishing the National
Commission on Responsibility and Reform)


WASHINGTON. - President Barack Obama has announced a new bipartisan commission to take on deficit-reducing responsibilities that Congress has been reluctant to embrace.
     
The move came a day after he touted the $862 billion economic stimulus program. Obama's administration has been taking an increasing amount of criticism for record-high deficits, and Obama said something has to be done about it.
     
He said the continuing red-ink trend could "hobble our economy" and "will cloud our future."

Obama introduced former White House chief of staff Erskine Bowles, who worked for President
Bill Clinton, and Republican former Sen. Alan Simpson as co-chairmen of the panel.

The administration has forecast that the deficit will hit a record a record $1.56 trillion for the budget year ending Sept. 30.

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