Sprinkle steaks with thyme, pepper and garlic powder. In a large skillet over medium-high heat, brown steaks in 1 teaspoon butter on both sides. Remove and keep warm.
In the same skillet, saute mushrooms and onion in remaining butter until tender. Reduce heat to medium. Add wine or broth to pan, stirring to loosen browned bits; cook for 2-3 minutes or until liquid is reduced by half. Add consomme and water. Bring to a boil. Reduce heat; simmer, uncovered, for 10 minutes.
Return steaks to the pan. Cover and cook or 8-10 minutes or until meat reaches desired doneness (for medium-rare, a meat thermometer should read 145 degrees; medium, 160 degrees; well-done, 170 degrees). Serve with toasted French bread.