The National Commission on Fiscal Responsibility and Reform has started its first meeting. As reported yesterday, the executive director is the former DLC CEO. The representation of Republicans on the committee is 50%. There are no members of the Black Congressional Caucus on the commission. The first speech, being broadcast now, is by Bernanke.
Bernanke just ended his speech. Most of it was on Medicare and the aging population. Bernanke said there was a "broad consensus that the US Tax code is in need of reform." The director of the Office of Management and Budget is speaking now.