Here is the text of the Executive Order signed today by President Obama that sets up an 18 member commission to study ways to rein in skyrocketing federal deficits.

THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release February 18, 2010

EXECUTIVE ORDER

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NATIONAL COMMISSION ON FISCAL RESPONSIBILITY AND REFORM

By the authority vested in me as President by the

Constitution and the laws of the United States of America, it

is hereby ordered as follows:

Section 1. Establishment. There is established within

the Executive Office of the President the National Commission on

Fiscal Responsibility and Reform (Commission).

Sec. 2. Membership. The Commission shall be composed of

18 members who shall be selected as follows:

(a) six members appointed by the President, not more than

four of whom shall be from the same political party;

(b) three members selected by the Majority Leader of the

Senate, all of whom shall be current Members of the Senate;

(c) three members selected by the Speaker of the House of

Representatives, all of whom shall be current Members of the

House of Representatives;

(d) three members selected by the Minority Leader of the

Senate, all of whom shall be current Members of the Senate; and

(e) three members selected by the Minority Leader of the

House of Representatives, all of whom shall be current Members

of the House of Representatives.

Sec. 3. Co-Chairs. From among his appointees, the

President shall designate two members, who shall not be of the

same political party, to serve as Co-Chairs of the Commission.

Sec. 4. Mission. The Commission is charged with

identifying policies to improve the fiscal situation in the

medium term and to achieve fiscal sustainability over the long

run. Specifically, the Commission shall propose recommendations

designed to balance the budget, excluding interest payments on

the debt, by 2015. This result is projected to stabilize the

debt-to-GDP ratio at an acceptable level once the economy

recovers. The magnitude and timing of the policy measures

necessary to achieve this goal are subject to considerable

uncertainty and will depend on the evolution of the economy.

In addition, the Commission shall propose recommendations that

meaningfully improve the long-run fiscal outlook, including

more changes to address the growth of entitlement spending and the

gap between the projected revenues and expenditures of the

Federal Government.

Sec. 5. Reports. (a) No later than December 1, 2010,

the Commission shall vote on the approval of a final report

containing a set of recommendations to achieve the mission set

forth in section 4 of this order.

(b) The issuance of a final report of the Commission shall

require the approval of not less than 14 of the 18 members of

the Commission.

Sec. 6. Administration. (a) Members of the Commission

shall serve without any additional compensation, but shall

be allowed travel expenses, including per diem in lieu of

subsistence, as authorized by law for persons serving

intermittently in Government service (5 U.S.C. 5701-5707),

consistent with the availability of funds.

(b) The Commission shall have a staff headed by an

Executive Director.

Sec. 7. General. (a) The Commission shall terminate

30 days after submitting its final report.

(b) Nothing in this order shall be construed to impair or

otherwise affect:

(i) authority granted by law to an executive

department, agency, or the head thereof; or

(ii) functions of the Director of the Office of

Management and Budget relating to budgetary,

administrative, or legislative proposals.

(c) This order is not intended to, and does not, create

any right or benefit, substantive or procedural, enforceable at

law or in equity by any party against the United States, its

departments, agencies, or entities, its officers, employees,

or agents, or any other person.

BARACK OBAMA

THE WHITE HOUSE,

February 18, 2010.

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