Black stressed that the new body created by the debt-ceiling legislation approved this week is a "committee … not a commission," and would act differently because it is made up of members of the House and Senate. She also said the committee would not bind the Congress because it would only offer recommendations.

"But they're just that, she said. "They're recommendations that they will bring back that both the House and the Senate will vote on as you would any other bill that comes out of a committee.

"Literally, we don't have to take their recommendations," she continued. "But we're really hoping that given the amount of information that's been out there by other commissions, that they will come back with some really good recommendations that will help us to be able to find that additional $1.5 trillion worth of cuts that are to come out of that committee."