Obama to Create Deficit Commission But Lacks Congressional Voting Teeth
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Late word tonight that on Thursday Pres. Obama will create a deficit commission called the National Commission on Fiscal Responsibility and Reform with former Clinton White House Chief of Staff Erskine Bowles and former Sen. Alan Simpson (R-WY) heading it up.
WHY YOU CARE: If the Senate had voted on creating the commission then Congress would have held a vote on whether to adopt the resulting recommendations. Instead, by Pres. Obama having to create it via executive order, it means the commission’s findings are merely suggestions. Take a read of CNN Senior White House Correspondent Ed Henry’s excellent write. This is another example of why everything financial that touches Washington, DC in 2010 will be seen through a mid-term election lens.
