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Bowles, Simpson Release Statement on Debt Negotiations

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FOR IMMEDIATE RELEASE

WASHINGTON, DC - Today, President Obama met with leaders in Congress from both parties and both chambers to work toward negotiating a debt limit increase and a deal on deficit reduction. Fiscal Commission and Moment of Truth project co-chairs Erskine Bowles and Senator Alan Simpson released the following statement:

"The important meeting today between President Obama and leaders in Congress gives us great hope for a principled bipartisan compromise that benefits both sides, and more importantly, benefits our country. We are very encouraged by the reports that the President and Congressional leaders in both parties are discussing a serious, comprehensive deficit reduction plan with 'everything on the table.'

In our work as co-chairs of the President's bipartisan National Commission on Fiscal Responsibility and Reform, we found that the American public is willing to accept tough, painful choices, but only if they are part of an honest and balanced plan which will put our nation on a sound fiscal footing and if everyone -- Democrats and Republicans alike -- jumps into the canoe together. Putting our nation on a fiscally sustainable path will require a willingness of leaders in both parties to take on all sacred cows in all areas of the budget -- defense and domestic spending, entitlements, and the tax code.

Negotiators should hopefully work toward an agreement that achieves at least $4 trillion in deficit reduction, stabilizes our debt by 2015 and addresses Social Security solvency to ensure that our nation remains financially strong for future generations. We earnestly encourage the negotiators to continue their work with the spirit of shared sacrifice that places the national interest ahead of partisan interests. Let's pull together, not pull apart."

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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. 

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Jul 7, 2011
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Today, President Obama met with leaders in Congress from both parties and both chambers to work toward negotiating a debt limit increase and a deal on deficit reduction. Fiscal Commission and Moment of Truth project co-chairs Erskine Bowles and Senator Alan Simpson released the following statement: