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.
(CNN) - Erskine Bowles, former co-chairman of President Barack Obama's deficit reduction commission and former chief of staff to President Bill Clinton, said Thursday he isn't seeking a major job in the Obama administration. He also characterized the debt reduction deal reached this week as "a step in the right direction" but acknowledged that the deal, and failure to enact his commission's recommendations, was a "missed opportunity."
Bowles said on CNN's "The Situation Room" that he is not interested in an appointment as Treasury Secretary. Secretary Tim Geithner has indicated he will step down in the near future, and it is thought that White House Chief of Staff Jack Lew is his most likely successor.
(CNN) - One of the co-authors of the Simpson-Bowles deficit-reduction plan, which failed to gain the approval of President Barack Obama in 2010, said now that Obama has won a second term in the White House, the political climate will be friendlier to a debt deal.
"I think this is truly the magic moment. We've got a second term Democratic president who's willing to put entitlements on the table," Erskine Bowles said on CNN's "Erin Burnett OutFront." He also praised House Speaker John Boehner as someone "who really gets it" and who is "willing to put revenue on the table."
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.
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.
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.