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:
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:
