Skip Navigation

Close and don't show again.

Your browser is out of date.

You may not get the full experience here on National Journal.

Please upgrade your browser to any of the following supported browsers:

Simpson-Bowles Chairmen Warn Congress Simpson-Bowles Chairmen Warn Congress

This ad will end in seconds
 
Close X

Not a member? Learn More »

Forget Your Password?

Don't have an account? Register »

Reveal Navigation
 

 

Homepage / Economy

Simpson-Bowles Chairmen Warn Congress

photo of Alexandra  Jaffe
May 26, 2012

The two chairmen of the Simpson-Bowles commission warned of dire consequences if Congress doesn't tackle a number of expiring tax and budget cuts during the lame duck session this winter.

“If we don't, then I think you will see the markets really take a really adverse look at the country," said Erskine Bowles, in an interview with CNN’s Fareed Zakaria GPS set to air Sunday. "And I think you'll see us lose another downgrade in our credit. And I think you'll see interest rates pop up. And before long, you'll see the availability of credit lessen. So I think we could have a real problem if we don't do something and do something relatively quick.” 

Bowles, who was chief of staff in the Clinton White House, said he was optimistic that, at the very least, a framework and a timeline could be established to address the expiring tax cuts and impending budget sequesters. Bowles said that he and former Sen. Alan Simpson were working with a bipartisan group in the Senate and in the House to come up with a plan, but warned that any strategy would have to include revenue increases through tax reform.

 

"We have the most inefficient, ineffective, globally anti-competitive tax code that man could dream up," he said, according to a transcript.

The Simpson-Bowles plan, commissioned by the president following the 2008 financial crisis, included spending cuts and a revamp of the tax code to raise revenues. It came up for a vote in the House but was defeated, and even President Obama has criticized the plan.  

Simpson, however, absolved Obama, saying he expected little more in such a partisan political atmosphere.

“If he had embraced our plan, he would have been ripped to shreds,” he said.

See all NJ’s Sunday show coverage | Get Sunday show coverage in your inbox

Job Board
Search Jobs
Digital and Content Manager, E4C
American Society of Civil Engineers | New York, NY
PRODUCT REVIEW ENGINEER
American Society of Civil Engineers | CA
Neighborhood Traffic Safety Services Intern
American Society of Civil Engineers | Bellevue, WA
United Technologies Research Fellow
American Society of Civil Engineers | New York, NY
Process Engineering Co-op
American Society of Civil Engineers | Conshohocken, PA
Electrical Engineer Co-op
American Society of Civil Engineers | Findlay, OH
Application Engineer/Developer INTERN - Complex Fluids
American Society of Civil Engineers | Brisbane, CA
Application Engineer - Internships CAE/CFD Metro Detroit
American Society of Civil Engineers | Livonia, MI
Chief Geoscientist
American Society of Civil Engineers
Application Engineer - Internships CAE/CFD Metro Boston
American Society of Civil Engineers | Burlington, MA
Professional Development Program Engineer
American Society of Civil Engineers | Farmington Hills, MI
Civil Enginering Intern - Water/Wastewater/Site-Development
American Society of Civil Engineers | Sacramento, CA
Staff Accountant
American Society of Civil Engineers | Englewood, CO
Biomedical Service Internship Position
American Society of Civil Engineers | Flint, MI
 
Comments
comments powered by Disqus