GOP Representative Jeb Hensarling of Texas will co-chair a powerful new committee that will try to come up with a bipartisan plan this fall to reduce the federal budget deficit by more than $1 trillion. Representatives Dave Camp and Fred Upton, both from Michigan, were also named to the committee. Senate Majority Leader Mitch McConnell has named Senators Jon Kyl of Arizona, Pat Toomey of Pennsylvania and Rob Portman of Ohio. Senate Democrats selected Senators Max Baucus of Montana, John Kerry of Massachusetts, and Patty Murray of Washington to the panel. House Minority Leader Nancy Pelosi will name the final three panel members.
1. CBS News
2. Wall Street Journal: +30 minutes
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