Updated: 6:23 p.m.

Correction Appended

Senate Republicans will hold a special Conference meeting Wednesday to discuss fiscal issues that includes presentations by Sens. Tom Coburn (Okla.) and Mike Crapo (Idaho). The meeting will be held as part of the regularly scheduled GOP Steering Committee lunch.

Senate Republican Conference Chairman Lamar Alexander (Tenn.) said Tuesday afternoon that the meeting is part of the minority’s commitment to focus on reducing government spending, the federal deficit and the national debt. Additional meetings on the subject could occur this week, he added.

Coburn and Crapo were both appointed by Senate Minority Leader Mitch McConnell (R-Ky.) to serve on President Barack Obama’s debt reduction commission. Sens. Jeff Sessions (R-Ala.), Orrin Hatch (R-Utah), Thad Cochran (R-Miss.) and Rob Portman (R-Ohio) are also slated to speak at Wednesday’s meeting.

Also on Wednesday’s agenda will be a discussion about the short-term continuing resolution spending bill that is set to expire in early March, as well as Obama’s request that Congress raise the debt ceiling.

“It’s a big subject and we have lots of Senators with lots of ideas, and we want to make sure they’re all heard,” Alexander said, adding that there are likely to be more special conferences on the subject in the weeks ahead.

The president was expected to discuss fiscal matters in Tuesday night’s State of the Union address.

Correction: Jan. 25, 2011

The article mistakenly said the GOP Steering Committee lunch had been canceled.