Bowles, Simpson: ‘Washington Missed Magic Moment’ on Budget

Wednesday, 02 Jan 2013 04:03 PM

By Newsmax Wires

  Comment  |
   Contact Us  |
|  A   A  
  Copy Shortlink
Budget-deficit-reduction devotees Erskine Bowles and Alan Simpson rue Congress’ inability to come up with a more comprehensive fiscal-cliff solution than the one it just passed.

While the deal represents a “small step forward” for deficit reduction, “it’s truly a missed opportunity to do something big to reduce our long-term fiscal problems,” the duo say in a statement issued by Fix the Debt, a group they founded.

Bowles was chief of staff for President Bill Clinton, and Simpson is a retired Wyoming Republican senator. They headed a panel on deficit reduction appointed by President Barack Obama in 2010. But their recommendations essentially went nowhere.  

Editor's Note: 5 Signs Stock Market Will Collapse in 2013

As for fiscal cliff negotiations, “Washington missed this magic moment to do something big to reduce the deficit, reform our tax code and fix our entitlement programs,” the two say. “Even after taking the country to the brink of economic disaster, Washington still could not forge a common-sense bipartisan consensus on a plan that stabilizes the debt.”

Government leaders now must summon up the courage for real tax and entitlement reform to begin curbing the $16 trillion public debt, Bowles and Simpson say.

They aren’t totally discouraged. “We take some encouragement from the statements by the president and leaders in Congress that they recognize more work needs to be done,” the two say.

But “to reach an agreement, it will be absolutely necessary for both sides to move beyond their comfort zone.”

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact Us  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Retype Email:
Zip Code:
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Ex-Soldier: My Friendly-fire Shots Might Have Killed Pat Tillman

Sunday, 20 Apr 2014 07:41 AM

A former U.S. Army Ranger who was in the same platoon as ex-NFL player Pat Tillman has stated in a television interview  . . .

Pope Seeks to Bring Faith to 'Ends of the Earth'

Saturday, 19 Apr 2014 18:26 PM

Pope Francis baptized 10 people Saturday and urged them to bring their faith to the ends of the Earth as he presided o . . .

Conservatives Deride Effort to Rig Electoral College

Saturday, 19 Apr 2014 19:37 PM

Conservatives slammed the campaign to effectively end the Electoral College's role in presidential elections, saying tha . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved