Obama Forms Bipartisan Financial Committee

WASHINGTON (CN) - President Obama has created a bipartisan committee to improve the country's financial situation and balance the budget by 2015.

The National Commission on Fiscal Responsibility and Reform will have 18 members, with six appointed by Obama and six Democrats and six Republicans nominated by congressional leaders. The order requires that at least 14 members agree on the measures it proposes to the president and Congress.

The president selected former Senate Whip Alan Simpson of Wyoming and former Clinton White House Chief of staff Erskine Bowles to co-chair the commission.

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