New York (CNNMoney.com) – How to get the federal budget back on the right track? Here are just two ideas from the co-chair of the president's bipartisan debt commission: Rein in tax breaks. Set hard caps on federal revenue and spending.
Erskine Bowles, co-chairman of the panel and White House chief of staff under former President Clinton, has twice in recent weeks mused in public about what he'd like to see in a debt-reduction plan.
The commission has much work left, and Bowles only gets one vote. But if the commission can't agree on its own set of official recommendations, he is likely to play an influential role in shaping the advice given to President Obama.