The President’s Bipartisan Fiscal Commission, which is charged with proposing solutions to the country’s debt and deficit crisis, held its first meeting on Tuesday. The Commission, established by Executive Order in February , consists of 18-members, including co-chairs Erskine Bowles, former White House Chief of Staff, and Alan Simpson, former Republican Senate Whip. President Obama noted that "it’s a lot easier to spend a dollar than to save one," but cautioned that such mentality "led to these exploding deficits" and called on the bipartisan Commission to put politics aside and bring an end to "an already severe fiscal crisis brought on by decades of bad fiscal habits in Washington." The President’s sentiments were echoed by the director of the Office of Management and Budget, Peter Orszag, who told the panel that "[i]f we allow the policy positions that divide us to prevent us from taking action, the projected medium- and long-term deficits will threaten the health of our economy and the living standards our people enjoy." Commission member and Urban Institute President Robert Reischauer offered solutions for reducing the deficit, telling the panel "you’re going to have to raise taxes. You’re going to have to cut spending .... It’s going to have to hurt." The Commission is required by the Executive Order to report its findings and proposals to Congress by December 1.