November 13, 2012
Dem Businessman Erskine Bowles: "This Magic Moment".
Business Insider notes that Bowles, North Carolina businessman, educator, former White House Chief of Staff and Democratic co-chair of President Obama's 2010 National Commission on Fiscal Responsibility and Reform, said in an interview with CNN's Erin Burnett yesterday that "now" is the time for a debt deal on Capitol Hill. Bowles and former Wyoming Senator Alan Simpson, the commission's Republican co-chair, wrote the Simpson-Bowles deficit-reduction plan, a bipartisan proposal which President Obama would not approve after its release in December 2010.
"I think this is truly the magic moment," Bowles said.
"We've got a second-term Democratic president who is willing to put entitlements on the table. We've got a Republican speaker who really gets it, who understands the dangers we face and is willing to put revenue on the table."
"We've probably got as many as 50 members in the Senate, equal number of Republicans and Democrats who are for a balanced plan," Bowles added.
"But most importantly, what we have, we have this fiscal cliff, this crisis, which really will create chaos if we go over the fiscal cliff and we don't immediately get a deal thereafter."
Posted by JD Hull at November 13, 2012 10:06 AM