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Statement by Sen. Alan Simpson and Erskine Bowles on Failure of Select Committee to Reach Agreement on Deficit Reduction Plan

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FOR IMMEDIATE RELEASE

WASHINGTON, DC -- Yesterday, the Joint Select Committee on Deficit Reduction (Select Committee) announced that they had failed to reach agreement on a deal to reduce the federal deficit by at least $1.2 trillion over the next ten years. Former Fiscal Commission and current Moment of Truth project co-chairs Erskine Bowles and Sen. Alan Simpson warned about the consequences of failure when they testified before the Select Committee earlier this month.

The co-chairs released the following joint statement in response to the Committee's failure:

"We are deeply disappointed that the Congressional Select Committee could not get a simple majority to vote for long term fiscal responsibility and reform that would put our Nation's fiscal house in order. Not to have a plan to solve our long term fiscal problem is wholly irresponsible.

Our Country faces the most predictable economic crisis in history, yet our leaders in Washington continue to play politics and avoid making the tough decision needed to solve these problems.

We will continue to urge political leaders in both parties to pull together not apart, and make the tough decisions to reduce the forecast deficits by at least $4 trillion over the next ten years in order to bring our debt under control and put our nation on a fiscally sustainable course."

 

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The Moment of Truth project is a non-profit, non-partisan effort which seeks to foster honest discussion about the nation's fiscal challenges, the difficult choices that must be made to solve them, and the potential for bipartisan compromise that can move the debate forward and set our country on a sustainable path. The Moment of Truth project is a project of the Committee for a Responsible Federal Budget.

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Nov 22, 2011
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We are deeply disappointed that the Congressional Select Committee could not get a simple majority to vote for long term fiscal responsibility and reform that would put our Nation's fiscal house in order. Not to have a plan to solve our long term fiscal problem is wholly irresponsible.