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Latest Erskine Bowles Items
The leaders of the defunct White House debt commission Tuesday floated a new deficit-reduction plan and warned that President Obama's legacy is riding on his ability to rein in runaway government spending.
It is clear by now that President Obama and House Speaker John A. Boehner are not going to work out a full-blown deal on taxes, spending and entitlements by the end of this month.
With little tangible headway being made in Washington on averting the looming federal taxes-and-spending crisis, a key observer said Wednesday that he puts the chances of Congress reaching a deal before the Jan. 1 "fiscal cliff" deadline at less than 1 in 3.
The leaders of the Simpson-Bowles commission are still shopping their 2-year-old, $4 trillion debt-reduction plan around Washington, and they say it is gaining enough traction to possibly form the basis for a bipartisan federal debt-cutting deal by year's end.
In a stunning backtrack that virtually guarantees Congress for the third year will be unable to produce a budget, Senate Democrats' top budget writer Tuesday canceled this week's expected votes on a 2013 fiscal blueprint.
House Republicans powered their 2013 budget through their chamber Thursday, marking the high point for the $3.5 trillion spending plan, which would have created a deficit of nearly $800 billion next year.
The Bowles-Simpson deficit-reduction plan went down to a crushing defeat in the House late Wednesday night in a vote that damages the one bipartisan proposal that just a few months ago had seemed like a possible solution to the country's debt woes.
Sen. Mark Warner said Thursday that he believes Republicans and Democrats in Washington still can hammer out a long-term, deficit-reduction deal this year, despite election-year posturing and the partisan gridlock that has handcuffed Congress in recent months.
The bipartisan deficit supercommittee announced Monday evening that it failed to reach a debt-cutting deal by a congressionally imposed deadline, starting the clock ticking on $1.2 trillion in automatic cuts to defense and domestic programs that will take effect in 2013 unless Congress can halt them.