Bowing to the concerns of senators of both political parties, President Obama endorses bipartisan deficit-reduction panel.

From The Washington Post:

Bowing to the concerns of senators of both political parties, President Obama endorsed legislation Saturday that would create a bipartisan commission to develop a plan to address the nation's soaring budget deficits.

Obama previously had urged that a presidential fiscal panel be created. But some senators were concerned that such a panel would have limited authority, preferring instead a statutory commission empowered to force a deficit-reduction plan through Congress by year's end.