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Bowles and Simpson Release Statement on President Obama's Budget

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 "We are encouraged to see that the President's latest budget continues to focus on deficit reduction and reflects many of the tough choices and compromises contained in the last offer he made in budget negotiations with Speaker Boehner in December. In addition to calling for substantial savings by indexing the budget and tax code to the chained CPI, which is a more accurate gauge of inflation, the budget includes a number of changes to reduce spending, slow health care cost growth, and eliminate backdoor spending in the tax code.

During last fall's budget negotiations, President Obama and Speaker Boehner made substantial progress in negotiating a plan to put the debt on a sustainable path while incorporating many of the same goals and principles we put forward in the Fiscal Commission. The President deserves credit for putting forward a formal budget proposal that reflects the progress made in those negotiations.

While the President's proposal is a step in the right direction, it does not go as far as we believe is necessary to put our nation's fiscal house in order.  It achieves far less deficit reduction than the Fiscal Commission and only briefly stabilizes the debt as a percentage of GDP at a level that is already too high.  Further savings will be necessary to put the budget on a fiscally sustainable course and keep the debt declining as a percentage of the economy over the long term - particularly in our health and retirement programs.

However, the President's budget does provide a solid basis for the bipartisan discussions necessary to move the process forward in a constructive way. Going forward, the President must continue to work to establish an open dialogue with Republicans and Democrats in Congress and to educate the public about the tough choices that will be necessary to bring our debt under control. Building that trust is essential to allowing leaders in both parties to work toward a principled compromise that not only brings our debt under control but helps foster vibrant economic growth as well."

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Apr 10, 2013
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Erskine Bowles and Alan Simpson released a statement on the President's FY2014 budget