The No. 2 Republicans in the House and Senate have been named to a deficit panel led by Vice President Biden that is tasked with developing a bipartisan plan to curb federal budget deficits.

House Majority Leader Eric Cantor of Virginia and Senate Minority Whip Jon Kyl of Arizona join several Democratic stalwarts on the panel, which meets next month. President Barack Obama set up the panel last week.

It's the second such panel for Obama, who largely ignored the bipartisan but politically painful cuts and revenue increases the first panel came up with last year. The new group comes as must-pass legislation to maintain the government's ability to borrow comes to a head. Both Obama and Republicans say spending cuts must be part of that effort.