Tags: Bowles | Budget | Deficit | books

Bowles: 'No Easy Way' to Get Federal Budget Back in Balance

Thursday, 10 Jan 2013 09:14 AM

By Newsmax Wires

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The co-chairman of the U.S. deficit commission calls failure to agree on a plan to reduce the national debt "the most disappointing thing in my life."

Erskine Bowles says "what is going on in Washington is absolutely nothing."

Bowles, a former White House chief of staff for President Bill Clinton, tells MSNBC nobody gets "a gold star" for deficit reduction in connection with the recent deal to avoid the fiscal cliff.

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Bowles, who co-chaired the deficit panel with former Sen. Alan Simpson, says "there's no easy way out. The solutions are painful."

He also says Washington must come up with at least $4.7 trillion in deficit reduction.

Failing that, he says, "we're not going to have any money left over to spend on anything else" but servicing the debt.

Bowles blamed both parties. "They're bouncing from one crisis to another . . . It's nuts. We have an enormous fiscal problem in this country . . . We've got to put our big boy and big girl pants on and go to work," he said.

Bowles repeated the warning contained in Simpson-Bowles commission report that "the problems are real, the solutions painful, and there's no easy way out."

But he said he doesn't believe Republicans or Democrats have offered any serious proposals yet to shrink the gap between spending and revenues.

"I don't think anybody gets a gold star on their head in either party," he said. "We always seem to get up to the brink. We're going to have a major deal and, you know, we back away. You know, that's no way to solve a problem," he said.

Earlier this week, Bowles told Newsmax TV that he was "very optimistic that we will get something done, and I’m equally realistic that it’s not going to be pretty getting there.”

Watch our exclusive video HERE.

Editor's Note: Billionaires Dump Stocks. Prepare for the Unthinkable.

 

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