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Hoyer: White House Likely to Name Commission Tasked With Cutting Deficit

WASHINGTON -- President Obama is likely to name a special commission to come up with a plan to curb the spiraling budget deficit under an agreement forged with top Capitol Hill Democrats. 

No. 2 House Democrat Steny Hoyer of Maryland predicts Obama would name the deficit panel by a presidential order and that Congress would at the same time strengthen so-called pay-as-you-go budget rules designed to make it more difficult to pass legislation that would increase the deficit. 

The twin developments come as the Senate is about to take up a bill to permit the federal government to issue the bonds required to fund government programs and prevent a first-ever default on obligations. Budget hawks have held the measure hostage seeking the anti-deficit steps.