UPDATE 1-Obama debt commission to meet on April 27-W.House

(Adds details, background)

WASHINGTON, April 19 (BestGrowthStock) – President Barack Obama
will open the first meeting of his new bipartisan debt
reduction commission on April 27, a White House official said
on Monday.

Obama’s remarks will be followed by testimony from Federal
Reserve Chairman Ben Bernanke and Peter Orszag, the White House
budget director, he said. Two former directors of the
Congressional Budget Office, Robert Reischauer and Rudy Penner,
will also speak, he said.

The 18-member commission will meet at the White House in
the morning and then go to a separate conference center for an
afternoon meeting, he said.

Officially called the Bipartisan Commission on Fiscal
Responsibility and Reform, the new fiscal watchdog grouping is
intended to find ways to bring public spending in line with
revenues and slim down massive government borrowing.

It is to offer recommendations to the White House by Dec. 1
to get spending and income back into better balance so deficits
fall to 3 percent of total national output by 2015.

The committee’s co-chairmen are Alan Simpson, a former
Republican senator, and Erskine Bowles, a former chief of staff
under Democratic President Bill Clinton. It also includes four
members appointed by Obama and 12 appointed in equal numbers by
the Republican and Democratic leaders of both houses of
Congress.

(Reporting by Patricia Zengerle; Editing by Sandra Maler)

UPDATE 1-Obama debt commission to meet on April 27-W.House