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Simpson Bowles: Congress Missed Opportunity to Fix Debt

January 05, 2013 | About:
Dheeraj Grover

Dheeraj Grover

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Senator Erskine Bowles, co-chair of President Obama's debt reduction committee and author of Simpson-Bowles rules for fiscal deficit reduction, was on CNBC to discuss his views on the recent deal reached in Congress on resolving the Fiscal Cliff. They called the fiscal cliff deal a "missed opportunity."

SUMMARY:

-- He said it was a magic moment to do something big in order to get our fiscal house in order but Congress missed a very good opportunity.

-- He thinks President Obama just does not think about taxing only, but also wants to cut the spending on entitlements as well. However, he is not going to go deep enough on the spending cuts.

-- Believes it will take around $3 trillion in cuts in the next 10 years to balance out budget. Unfortunately we got only $600 billion in this deal, which he feels is an opportunity lost.

Credit and Source: CNBC

Here is the video:



About the author:

Dheeraj GroverI am an individual investor with deep interest in the field of value investing. My ideas and thinking is inspired by highly respected value investors like Ben Graham, Warren Buffett, Walter Schloss, Bill Ruane and Tweedy Browne

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