A report by a presidential debt reduction panel commissioned to find ways to pull the United States out its massive debt failed to win the 14 votes required to bring it up for a vote in Congress. The commission’s final report, titled “The Moment of Truth.” won the backing of 11 out of 18 members - three short of the supermajority required under the executive order that Obama signed in February when he created the panel. This final meeting of the panel took place on Capitol Hill in Washington DC, Friday, Dec. 3, 2010. Pictured here, commission member David Cote, the CEO and chairman of Honeywell.

Alice Rivlin speaks as a member of President Obama's Debt Reduction Commission. A report by the commission to find ways to pull the United States out its massive debt failed to win the 14 votes required to bring it up for a vote in Congress. The commission’s final report, titled - The Moment of Truth, won the backing of 11 out of 18 members - three short of the supermajority required under the executive order that Obama signed in February when he created the panel. This final meeting of the panel took place on Capitol Hill in Washington DC, Friday, Dec. 3, 2010. Alice Rivlin is a former vice chair of the Federal Reserve who also served as director of the Congressional Budget Office and the White House budget office. (Photo by Jeff Malet)

Erskine Bowles, a Democrat who was White House chief of staff for President Clinton was co-chair of President Obama's Debt Reduction Commission. A report issued by the commission to find ways to pull the United States out its massive debt failed to win the 14 votes required to bring it up for a vote in Congress. The commission’s final report, titled The Moment of Truth, won the backing of 11 out of 18 members - three short of the supermajority required under the executive order that Obama signed in February when he created the panel. This final meeting of the panel took place on Capitol Hill in Washington DC, Friday, Dec. 3, 2010.