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Judd Gregg back to the White House...

From NBC's Ken Strickland
...for a fiscal summit.

Today, New Hampshire Sen. Judd Gregg -- whom President Obama had nominated to serve as Commerce secretary -- announced that the president has invited him to participate in the White House's Fiscal Responsibility Summit next week. The summit will address long-term entitlement spending on things such as Social Security and Medicare.

"I've been asked by the President, along with a number of other Members of Congress, to join him next Monday," Gregg said in a written statement. "My goal for the summit will be to address the long-term fiscal tsunami that is headed our way as a result of the cost of making payments to the Baby Boom Generation through health and retirement entitlement programs."

Gregg is the top Republican on the Senate Budget Committee and was one of the key negotiators when Congress drafted the original financial bailout legislation (also know as the Trouble Assets Relief Program or TARP). Gregg, while not officially part of the Senate Republican leadership team, is considered a member of Republican Leader Mitch McConnell's "kitchen cabinet."

"Reform is urgently needed, especially as long-term entitlement spending threatens to strangle our economy, and action must be taken sooner rather than later," Gregg said in his statement. "I will certainly do everything I can to work with the President and others in Congress to set a course for the long-run that addresses the issue of how we pass on to our children a government they can afford."