Sen. Daniel Inouye has been named to a team that will craft a bipartisan plan to reduce the federal deficit.

Senate Majority Leader Harry Reid appointed the Hawaii Democrat, who is chairman of the Senate Appropriations Committee, and Sen. Max Baucus of Montana, chairman of the Senate Finance Committee, Thursday.

President Barack Obama called for the deficit reduction panel Wednesday, with the goal of having a plan ready by July.

The two Senate Democrats are the first legislators named to the deficit reduction panel. They will be joined by House Democrats and Republicans from both chambers.