Obama creates debt panel

President Obama said on Thursday that the debt commission he created by executive order will be charged with "taking on the impossible" and charting a path away from record federal budget deficits.

As he signed the order, Obama was flanked by Vice President Joe Biden and the men he chose to head the commission, former Sen. Alan Simpson, R-Wyo., and Democrat Erskine Bowles, former chief of staff to President Bill Clinton.

"They're going to try to restore reason to the fiscal debate and come up with answers," said Obama. "The politics of dealing with chronic deficits is fraught with hard choices. And therefore it's treacherous to officeholders here in Washington."

Already, some Republicans are resistant, although the president said the 18-member panel was "structured in such a way as to rise above partisanship."

Of the 18 members, six will be appointed by Obama, six sitting lawmakers by Republican congressional leaders and six current legislators by Democratic congressional leaders. While a majority would be Democrats, 14 votes would be needed to implement any recommendation. The recommendations are due Dec. 1.

Aides said Senate Minority Leader Mitch McConnell, R-Ky., plans to appoint members, but remains concerned that the panel will not do enough to restrain spending and will instead increase taxes.

"Americans know our problem is not that we tax too little but that Washington spends too much -- that should be the focus of this commission," McConnell said.

House Minority Leader John Boehner, R-Ohio, is waiting to hear from the White House about a GOP proposal to begin cutting spending immediately through a package of rescissions.

"That doesn't mean we won't participate in this commission, but it does indicate that Washington Democrats aren't serious yet about shutting down their spending binge," a Boehner spokesman said.

House Appropriations ranking member Jerry Lewis, R-Calif., remained critical of the panel.

"Instead of acting appropriately to rein in spending and control skyrocketing deficits, the Democrat Congress and the President have outsourced their constitutional responsibilities to a powerless commission apparently created to provide political cover," Lewis said.

"The American people are demanding accountability from their elected officials," he added. "This commission, which isn't slated to produce anything until after the November elections, is essentially a way to avoid this accountability."