President Obama has issued an executive order that creates a bipartisan fiscal commission, the first step in deciding painful decisions that are needed to get the U.S. debt under control. The commission has to deliver a report to the president by Dec. 1 that makes recommendations for bringing annual deficits to no more than 3% of the size of the economy, as measured by gross domestic product, or GDP. Right now annual deficits for the next decade are on track to be well above that level.
The commission will also suggest ways to help permanently lower the country's total debt. At the moment that is expected to hit 77% of GDP in 2020.
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