Obama to set up US debt body

President Barack Obama will sign an executive order tomorrow setting up a bipartisan commission to propose ways to tackle the ballooning US deficit, which is forecast to hit a record $1.6 trillion (£1 trillion) this year, a senior administration official said yesterday. Obama will name Erskine Bowles, former chief of staff to President Bill Clinton, and former Republican Senator Alan Simpson to serve as co-chairs of the body, the official said.