President Obama Establishes Commission on Fiscal Responsibility - February 23, 2010

President Obama on February 18 signed an executive order establishing the National Commission on Fiscal Responsibility and Reform. Former White House Chief of Staff Erskine Bowles and former Republican Senate Whip Alan Simpson will serve as the Commission’s co-chairs. The Commission is charged with exploring ways to curb entitlement spending, which may have a future impact on Medicare and Medicaid. Its goal will be to balance the budget, other than interest payments on the debt, by 2015. The Commission must submit recommendations for doing so to Congress by December 1, 2010. Although Congress is not required to consider the Commission’s recommendations, Speaker of the House Nancy Pelosi and Senate Majority Leader Harry Reid have indicated that the House and Senate are willing to consider the Commission’s recommendations without amendment. The President's official press release regarding the establishment of the Commission can be found here.