Obama proposes U.S. panel to tackle deficits

WASHINGTON, Jan 23 (Reuters) - U.S. President Barack Obama on Saturday called on the U.S. Congress to create a bipartisan panel that would look at ways to rein in the country's soaring deficits.

Obama said in a statement that the country faced a 'serious fiscal situation' that stemmed from the recession he inherited and also years of 'failing to pay for new policies.'

(Reporting by Caren Bohan, Editing by Sandra Maler)Keywords: OBAMA DEFICIT/ ([e-mail]; [phone]; Reuters Messaging: [e-mail]) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.