Some folks at the NYT seem to think so. The paper published a blogpost telling readers:
"Mr. Obama has directed the commission to recommend by Dec. 1 how to balance the budget by the fiscal year 2015, not counting interest payments on the debt, as well as to propose long-term changes in revenues and entitlement programs to avert fiscal calamity."
I wonder if the words "fiscal calamity" appear in the formal charge of the commission? As always, those who follow the news know that the real story is health care, health care and health care, which is why serious people focus on fixing the country's health care system.