Fiscal Commission Co-Chairs Erskine Bowles and Alan Simpson on Meet The Press
CRFB Board Members, Fix the Debt Campaign Co-Founders and Fiscal Commission Co-Chairs Erskine Bowles and Alan Simpson recently appeared on Meet The Press to discuss the nation's fiscal situation and the plan that bears their name, Simpson-Bowles.
Simpson and Bowles discussed in detail their plan for reducing the debt, noting that $4 trillion over the next ten years is the minimum needed to reduce the debt (and it should be noted, that not all $4 trillion plans are created equal). Bowles explained that their plan reforms the tax code by eliminating deductions, credits, and other tax expenditures and uses those savings to lower tax rates and raise revenue.
Simpson noted that there is room in the defense budget for reductions, and that health care is the single largest driver of our debt, so it must be addressed. Additionally, Bowles noted his disappointment that neither presidential campaign is willing to find reductions in Social Security, which Simpson pointed out would only be able to pay 75 percent of its scheduled benefits in 2033.
You can watch the full interview below.