Deficits are eating gnawing away at the U.S. economy and are threatening the country's survival, says Alan Simpson, a former Wyoming senator and co-chair of the National Commission on Fiscal Responsibility and Reform.
"It's very simple. If you spend more than you earn, you lose your butt," Simpson says, according to CNBC.
"The American people know the fiscal path that Washington is on is not sustainable. These deficits are like a cancer. They're going to destroy the country from within."
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Simpson's commission, co-chaired by former Bill Clinton Chief of Staff Erskine Bowles, recommended reforming tax codes, cutting entitlement spending and other measures to bring down the deficits, measures that were never formally approved by the White House.
Meanwhile, a Super Committee in Congress, made up of six Republicans and six Democrats, is studying ways to shave $1.5 trillion off gaping deficits.
No word yet on what such a package may entail, as negotiations are still ongoing.
Last summer, congressional Republicans and Democrats disputed terms surrounding raising the government's $14.3 trillion debt ceiling.
Both sides struck a deal at the last minute, and the Super Committee, officially known as the Joint Select Committee on Deficit Reduction, will probably come to an agreement in the nick of time as well.
"I remain encouraged that the members of the Joint Select Committee know how serious the situation is. I believe they are all committed to achieving the goal and until the stroke of midnight on November 22nd, we still have plenty of time to do the committee's work," says Texas Republican and committee member Rep. Jeb Hensarling, according to CNN.
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