The United States is in the red. How red? In 2010, the U.S. national deficit looms at $1.4 trillion dollars and sinking fast. Today, an 18-member appointed commission will convene for the first time to focus on deficit reducing initiatives. Front and center of the discussion agenda is Medicare, Medicaid, and Social Security. These three Federally financed programs continue to consume taxpayer dollars at an unsustainable rate.

U.S. President Obama organized this bipartisan board called the Commission on Fiscal Responsibility and Reform by executive order issued in February 2010. The U.S. President handpicked former White House Chief of Staff Erskine Bowles and former Republican Senate Whip Alan Simpson to co-chair the commission and added, “for far too long, Washington has avoided the tough choices necessary to solve our fiscal problems – and they won’t be solved overnight. But under the leadership of Erksine and Alan, I’m confident that the Commission I’m establishing today will build a bipartisan consensus to put America on the path toward fiscal reform and responsibility. I know they’ll take up their work with the sense of integrity and strength of commitment that America’s people deserve and America’s future demands.”

Today, President Obama stated, “Each year, more tax dollars are devoted to Medicare and to Medicaid.” President Obama pointed to the fact that when he entered the White House as President, the national deficit perched at $1.3 trillion dollars with a 10 year deficit projection circling $8 trillion dollars.

“But what also made these large deficits possible was that, for years, folks in Washington deferred politically difficult decisions and avoided telling hard truths about the nature of the problem,” remarked President Obama. “The fact is, it’s always easier, when you’re in public life, to share the good news -– to tell people want they want to hear instead of what they need to know.”

The Democrats and Republicans will select 3 members from each chamber for a total of 12 lawmakers. President Obama will select 6 members. Of the 6, no more than 4 may be from the same party.

Fourteen members of the commission must approve all recommendations and proposals before they are reported to Congress. The commission recommendations are due to Congress by December 2010.