"It is going to take real political courage on both sides to come together to find common ground for the good of the country."
"Their work, though rejected by both partisan sides, remains the most credible and realistic approach to fixing the nation's fiscal mess. And on Tuesday, Bowles and Simpson updated their suggestions, hoping to prompt smarter spending restraint than the across-the-board cuts scheduled to begin in little more than a week."
The problem is real, the solutions are painful, and there is no easy way out. What we are calling for is by no means perfect, but it could serve as a mark for real bipartisan negotiations on a plan to reduce the deficit and grow the economy.
Answers to frequently-asked questions about the new deficit reduction proposal put forward by Erskine Bowles and Alan Simpson.
A brief summary of the new proposal put forward by Alan Simpson and Erskine Bowles.
Bowles and Simpson encourage Congress and the president to put aside partisanship and work toward a principled and lasting plan to fix the debt. They also outline how it could be possible to reach such a bipartisan agreement by using the parameters discussed in negotiations last December as a starting point and pushing both sides to go beyond their comfort zone.
“No plan is perfect, including ours, but it can serve as the starting point for the discussion necessary to produce an agreement that is equally bold and comprehensive and that can get the broad bipartisan support needed to ensure enactment.”
"I think to really get the economy moving again, we have to have a long term plan to fix this fiscal problem we have. I think we got to see a plan that will fix our long-term deficit problem and if we do that, I think we could have really great growth." - Bowles
"I think it would be a grave mistake," said Alan Simpson on using the debt ceiling to force debt reduction but said lawmakers needed to get to the table soon and get serious on reducing spending.