New York (CNNMoney) - Erskine Bowles and Alan Simpson proposed a new framework Tuesday to cut the country's debt by $2.4 trillion over the next decade.
Bowles and Simpson were the co-chairmen of President Obama's bipartisan fiscal commission in 2010, and their recommendations came to serve as a yardstick for other debt-reduction proposals.FULL STORY
New York (CNNMoney) - A key senator said Tuesday he would try to revive the so-called Bowles-Simpson plan as a starting point in negotiations over a long-term debt-reduction plan.
Democrat Kent Conrad, the Senate Budget Committee chairman, announced he would present the plan as his opening bid at the committee's budget mark-up on Wednesday.FULL STORY
New York (CNNMoney) - More than a year has passed since the ambitious Simpson-Bowles deficit reduction plan went down in flames.
In December of 2010, the plan fell short of the 14 votes required for the commission to present its recommendations to Congress for a legislative vote. Much lip service was paid to the "seriousness" of the plan. But most members of Congress gave it no serious consideration. Ditto for the White House.FULL STORY
Washington (CNN) - Former Republican Wyoming Sen. Alan Simpson, one of the men tasked with proposing a path to get America's fiscal house in order, said he's still waiting for lawmakers to take on the debt charge.
"I'm waiting for the politician to get up and say, there's only one way to do this, you dig into the big four, Medicare, Medicaid, Social Security, and defense," Simpson said Sunday on CNN's "State of the Union. "Anybody giving you anything different than that, you want to walk out the door, stick your finger down your throat, and give them the green weenie."
New York (CNNMoney.com)- The leaders of President Obama's debt commission said Tuesday that they would delay a vote on final recommendations until Friday.
The vote was originally scheduled for Wednesday.
The commission's co-chairmen, Erskine Bowles and Alan Simpson, said they would still their report on Wednesday.