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Their thoughts. today the president gave marching orders to a new commission charged with finding a way to reduce the national budget deficit annually and the big long term debt. just before the commission began its work, the president came into the rose garden to lay out the ground rules. >> this is going to require people of both parties to come together and take a hard look at the growing gap between what the government spends and what the government raises in revenue. and it will require that we put politics aside, that we think more about the next generation than the next election. there'...

People of both parties to come together lunged at the growing gap between what the government spends and raises in revenue and require we put politics aside and think more about the next generation than the election. >> shepard: in washington? the panel isn't expected to make a recommendation until after the november elections. which could give it freedom to consider less popular solutions like a hike in taxes or a cut in government benefits. major garrett with the news live at the white house. you spoke to the co-chairs of this commission. what are the expectations here? >> they're -- i don't...

2% of americans because we just can't afford them. i kept my promise to pass a health reform bill without adding a dime to the deficit. in fact, by attacking waste and fraud and promoting better care, reform is expected to bring down our deficits by more than $1 trillion over the next two decades. but all these steps, while significant, are simply not enough n for even as we rein in waste and ask the congress to account for every dollar it spends, this alone will not make up for the years in which those in washington refused to make hard choices and live within their means and will not make up...

Can't afford them. and i kept my promise to pass a health reform bill without adding a dime to the decifit. in fact by attacking waste and fraud and promoting better care, reform is expected to bring down our deficits by a trillion dollars over the next two decades, but all these steps, all significant, are simply not enough. for even as we reign in waste and ask the congress account for every dollar it spends, this alone will not make up for the years in which those in kaz were -- refused to make hard choices and live within their means and will not make up for the chronic failure to level wi...

Future, today in washington, the president introduced the first meeting of the national debt commission. created to come up with ways to keep the country's financial head above water. take a look at this. the debt increasing by nearly $52 billion, in just two weeks. it's now closing in on $13 trillion. president obama, speaking earlier today after meeting with that debt commission. >> this is going to require people of both parties to come together and take a hard look at the growing gap between what the government spends and what the government raises in revenue. it will require that we put p...