UPDATE 1-Obama to sign order for fiscal commission Thursday

(adds background on co-chairs, quote)

WASHINGTON, Feb 16 (BestGrowthStock) – President Barack Obama will
sign an executive order on Thursday to establish a bipartisan
commission charged with tackling the U.S. deficit, a senior
administration official said on Tuesday.

Obama will name Erskine Bowles, former chief of staff to
President Bill Clinton, and former Republican Senator Alan
Simpson to serve as co-chairs of the commission, the official
said.

“On Thursday, President Obama will sign an executive order
establishing the bipartisan National Commission on Fiscal
Responsibility and Reform,” the official said.

Bowles was White House chief of staff from 1996-1998.

“In that capacity, Bowles brokered the last significant
bipartisan budget agreement, the Balanced Budget Act of 1997,
with the Republican leadership in Congress — helping to
generate the first balanced budget in nearly 30 years,” the
official said.

Simpson was a senator from Wyoming from 1979-1997.

“During his career in the Senate, Simpson was often a
strong voice for fiscal balance — for example, voting in favor
(of) the bipartisan 1990 deficit-reduction agreement.”

Obama has said he would establish the commission to study
options on spending and taxes after lawmakers failed to create
a congressional panel on the issue.

Stock Report

(Reporting by Jeff Mason)

UPDATE 1-Obama to sign order for fiscal commission Thursday