Bowles, Simpson React to the President's Deficit Reduction Framework
FOR IMMEDIATE RELEASE
WASHINGTON, DC - In a speech today, President Obama offered his framework for long-term deficit reduction. Fiscal Commission and Moment of Truth project co-chairs Erskine Bowles and Senator Alan Simpson released the following statement with their reactions:
"We are encouraged that the President has embraced a balanced, comprehensive approach to deficit reduction similar to that outlined in the Fiscal Commission report. We believe that only an approach which includes all areas of the budget can reach the broad bipartisan agreement necessary to enact a real and responsible deficit reduction plan. The framework he put forward today represents another step forward in the process.
The President's framework reflects elements of the Commission plan that are essential to achieving the agreement necessary to enact real reform.
While the President's proposal takes longer to get to the budget reductions we recommended; it does reduce our deficits by $4 trillion over the next 12 years.
Now is the time for action. We do not have a lot of time to act to avert fiscal calamity. Our nation's leaders need to put politics aside, pull together, not pull apart, and make the difficult choices needed to bring these deficits under control. All leaders in Washington need to work together to pound out a bipartisan agreement on our long-term budgets.
We hope that much of this bipartisan leadership will come from the six brave leaders in the US Senate -- the "Gang of 6," Senators Coburn, Crapo, Chambliss, Conrad, Durbin, and Warner -- who have been working on a plan built around the Commission's recommendations.
Between the President's plan, Chairman Ryan's Plan, and the Commission's Plan, there are plenty of good ideas on the table now. The era of deficit denial is over. This is the moment of truth."
The Moment of Truth project is a non-profit, non-partisan effort which seeks to foster honest discussion about the nation's fiscal challenges, the difficult choices that must be made to solve them, and the potential for bipartisan compromise that can move the debate forward and set our country on a sustainable path. The Moment of Truth project is a project of the Committee for a Responsible Federal Budget.
"We are encouraged that the President has embraced a balanced, comprehensive approach to deficit reduction similar to that outlined in the Fiscal Commission report."