A day after yet another report that showed rising levels of red ink, President Obama will try to take a step on the road to budget sanity by announcing a special Presidential commission to find ways to rein in the budget deficit.

If you needed any more evidence that action was needed, that came yesterday when the Treasury Department reported that the deficit for the first four months of the fiscal year was now over $430 billion, about eight percent more than last year, when a record was set at $1.42 trillion.

Mr. Obama today will name two members of his new deficit panel - former White House Chief of Staff Erskine Bowles, who worked for Bill Clinton, will be the Chair - the co-chair will be former Sen. Alan Simpson (R-WY).

Simpson is liked in most Democratic circles, mainly because he is seen as "fair-minded" - translated - Democrats don't see him as some crazed right-wing nutjob who likes NASCAR, thinks the government is too big and doesn't want to raise your taxes.

Whether Republicans in Congress lend a hand and appoint members to this commission is still an open question.

"What the Republicans decide to do is largely up to them," said White House Press Secretary Robert Gibbs.

"I think they understand the seriousness with which the President looks at this effort and attaches bipartisan leadership to, and we'll see where they go from here."

The irony here is that Republicans supported a statutory panel - much like the military base closure commission - which would have recommended a package of budget plans to Congress for an up or down vote.

But just enough GOP Senators who were supporters of the idea - including Senate GOP Leader Mitch McConnell - refused to vote for the plan in the Senate last month, leading to its defeat.

So, the President will put the ball in their court today.  Whether they want to hit the ball out, or just let it bounce, we'll see in the days ahead.