Definition of Deficit Commission

What is the "deficit commission"? What is the definition of the term "deficit commission"?

The "Deficit Commission" is the nickname for the National Commission on Fiscal Responsibility and Reform.

This commission was created via executive order by President Barack Obama. The commission was officially created on February 18th, 2010.

The "deficit commission" is charged with coming up with proposals that would balance the budget (minus interest payments on the debt) by 2015.

More specifically, the goals of the "Deficit Commission" include proposing recommendations that would significantly brighten the long-term fiscal outlook of the United States while also improving the fiscal situation in the "medium term".

According to a "working paper" that was circulated earlier this month, some of the commission's recommendations include lowering corporate taxes and increasing the Social Security age to 69.

Now, most of the planned proposals from the "Deficit Commission" are going to prove to be extremely unpopular, which will give them a very small chance of actually being passed into law.

The "deficit commission" is bipartisan and is co-chaired by:

Senator Alan Simpson (former Republican Senator)

Erskine Bowles (Chief of Staff to President Clinton)

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