Fresh from a meeting with President Obama and en route to talk with House Speaker John Boehner,
the former co-chairmen of the bipartisan Simpson-Bowles debt commission
say it's more likely than not that the United State will fall off the
"fiscal cliff" at year's end.
There's only about a one-third possibility that Congress and the White House will reach a deal to avert some $600 billion in automatic tax hikes and mandatory spending cuts over 10 years – an outcome that would be "devastating to the economy," says Erskine Bowles, the Democratic half of the Simpson-Bowles partnership, speaking to reporters at the Monitor breakfast in Washington on Nov. 28.
There's another one-third possibility that "we'll go over the cliff and people will come to their senses in the first week or so," he adds. A third prospect, that a deal takes even longer, "will lead to chaos," he predicts.
Read more: http://www.csmonitor.com/USA/Politics/monitor_breakfast/2012/1128/US-plunge-off-fiscal-cliff-is-likely-say-debt-gurus-Simpson-and-Bowles-video
There's only about a one-third possibility that Congress and the White House will reach a deal to avert some $600 billion in automatic tax hikes and mandatory spending cuts over 10 years – an outcome that would be "devastating to the economy," says Erskine Bowles, the Democratic half of the Simpson-Bowles partnership, speaking to reporters at the Monitor breakfast in Washington on Nov. 28.
There's another one-third possibility that "we'll go over the cliff and people will come to their senses in the first week or so," he adds. A third prospect, that a deal takes even longer, "will lead to chaos," he predicts.
Read more: http://www.csmonitor.com/USA/Politics/monitor_breakfast/2012/1128/US-plunge-off-fiscal-cliff-is-likely-say-debt-gurus-Simpson-and-Bowles-video
No comments:
Post a Comment