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Alan K. Simpson (left) and Erskine Bowles, leaders of the White House’s defunct debt commission, are asking lawmakers to cancel the sequesters and embrace a $2.4 trillion deficit-reduction plan they proposed Tuesday. (Associated Press)

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Alan K. Simpson (left) and Erskine Bowles, leaders of the White House’s defunct debt commission, are asking lawmakers to cancel the sequesters and embrace a $2.4 trillion deficit-reduction plan they proposed Tuesday. (Associated Press)

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Debt commission co-chairmen Erskine Bowles (left) and former Sen. Alan K. Simpson speak to the media after a meeting of the panel on Capitol Hill in Washington on Wednesday, Dec. 1, 2010. (AP Photo/Alex Brandon)

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** FILE ** In this Nov. 25, 2012, file photo, former Sen. Alan K. Simpson (left) and Erskine Bowles were co-chairmen of President Obama’s deficit-reduction commission and have formed a new group called Fix the Debt to press for a solution to the nation’s severe deficit problem. (Associated Press)

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Debt commission co-chairmen Erskine Bowles (left) and former Sen. Alan K. Simpson speak to the media after a meeting of the panel on Capitol Hill in Washington on Wednesday, Dec. 1, 2010. (AP Photo/Alex Brandon)

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** FILE ** Former Sen. Alan K. Simpson (left) and former White House Chief of Staff Erskine Bowles, co-chairmen of the National Commission on Fiscal Responsibility and Reform, take part in a news conference on deficit reduction on Monday, Sept. 12, 2011, at the National Press Club in Washington. (AP Photo/Evan Vucci)

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Debt commission co-chairmen Erskine Bowles (left) and former Sen. Alan K. Simpson speak to the media after a meeting of the panel on Capitol Hill in Washington on Wednesday, Dec. 1, 2010. (AP Photo/Alex Brandon)

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Former White House Chief of Staff Erskine Bowles, co-chair of the National Commission on Fiscal Responsibility and Reform, is pursued by reporters on Capitol Hill in Washington on Wednesday, Nov. 28, 2012, following a closed-door meeting with House Speaker John A. Boehner, Ohio Republican. (AP Photo/J. Scott Applewhite)

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Former Sen. Alan K. Simpson (left) and Erskine Bowles were co-chairmen of President Obama’s deficit reduction commission and have formed a new group called Fix the Debt to press for a solution to the nation’s severe deficit problem. (Associated Press)

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Alan Simpson (left) and Erskine Bowles were co-chairmen of President Obama’s deficit reduction commission and have formed a new group called Fix the Debt to press for a solution to the nation’s severe deficit problem. (Associated Press)

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** FILE ** In this Nov. 25, 2012, file photo, former Sen. Alan K. Simpson (left) and Erskine Bowles were co-chairmen of President Obama’s deficit-reduction commission and have formed a new group called Fix the Debt to press for a solution to the nation’s severe deficit problem. (Associated Press)

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** FILE ** Former Sen. Alan K. Simpson (left) and former White House Chief of Staff Erskine Bowles, co-chairmen of the National Commission on Fiscal Responsibility and Reform, take part in a news conference on deficit reduction on Monday, Sept. 12, 2011, at the National Press Club in Washington. (AP Photo/Evan Vucci)

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Supercommittee Co-Chairmen Rep. Jeb Hensarling, Texas Republican (right), and fellow committee member Rep. James E. Clyburn, South Carolina Democrat (left), welcome Erskine Bowles (second from right) and former Wyoming Sen. Alan Simpson (second from left) to a Capitol Hill hearing Tuesday before the supercommittee heard testimony from the two former co-chairmen of similar panels. (Associated Press)

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Erskine Bowles, co-chairman of the president's deficit reduction commission. (AP Photo/Carolyn Kaster)

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** FILE ** In this Nov. 10, 2010, file photo, Erskine Bowles, left, watches former Wyoming Sen. Alan Simpson, co-chairman of President Barack Obama's bipartisan deficit commission, speak at a news conference on Capitol Hill in Washington. (AP Photo/Alex Brandon, File)

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BLOOMBERG Erskine Bowles (right) and Alan Simpson, co-chairmen of the president's deficit commission, challenged the panel's members to put aside partisan differences and agree to its tax and budget recommendations.

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Debt Commission co-chairmen Erskine Bowles, left, and former Wyoming Sen. Alan Simpson, speak during a meeting of the commission on Capitol Hill in Washington, Wednesday, Dec. 1, 2010. (AP Photo/Alex Brandon)

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Debt Commission member, Senate Budget Committee Chairman Sen. Kent Conrad, D-N.D., left , talks with co-chairmen Erskine Bowles, before a meeting of the commission on Capitol Hill in Washington, Wednesday, Dec. 1, 2010. (AP Photo/Alex Brandon)

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Debt Commission co-chairmen Erskine Bowles, left, and former Wyoming Sen. Alan Simpson, take part in a meeting of the commission on Capitol Hill in Washington, Wednesday, Dec. 1, 2010. (AP Photo/Alex Brandon)