10:10am Watch LIVE President Obama Establishes Debt Commission

President Obama will sign an executive order establishing the bipartisan National Commission on Fiscal Responsibility and Reform.  The commission will be chaired by former President Clinton Chief of Staff Erskine Bowles and former Republican Wyoming Senator Alan Simpson.

The 18-member panel is to include eight Republicans, six named by GOP leaders in Congress and two by the White House.  The commission's role is to figure out ways to bring down the federal budget deficit and to propose ways to curb the high costs of medicare, medicaid and social security.