Reuters - Video

EDITION: U.S. | U.K. | IN

Decoder

U.S. debt: Is Simpson Bowles the solution?

Wednesday, Dec 21, 2011 - 02:23

Simpson Bowles, the report on deficit reduction commissioned by President Obama in 2010, is now back at the forefront of political debate. Could this plan really help resolve America's fiscal problem?

▲ Hide Transcript

View Transcript

I greens present we can't wait let's pass this thing now. You know president of -- weeks months since you're not coming back from that show sorry about that. So what is this thing that was -- a year ago that now has some lawmakers all fired up. Congress has run up credit card. And we now have an obligation to pay our bills and the American people expect more than that they expect that we actually try to solve this problem get our fiscal house in order. President Obama appointed a bipartisan commission when he tend to reduce the federal deficit by four trillion dollars in the next decade. Simpson Bowles would slash the deficit. Impose unprecedented budget discipline. It's named for the outspoken moderates from each party who -- the commission. Former Republican senator Alan Simpson used in the book borrow for instance so that you must be stupid. And former Clinton White House chief of staff Erskine Bowles this debt. In these deficits. That we are incurring on an annual basis. Are like cancer. Commission's report the moment of truth hold for deep spending cuts in one trillion dollars in new taxes. Making it unpopular with lawmakers in both parties. Liberal groups condemned its cuts to Social Security Medicare. And others yeah. Is it our best if it was and he used that debate to reduce the deficit to destroy the public space. The commission needed fourteen of its eighteen members to force congress to consider. But the plan garnered just eleven votes. I can't support this it's Apple's plans to work was constructive despite an ability to get fourteen votes. So why has Simpson bulls returned from the debt go big be bold stand tall let's stay. Well Simpson Bowles and let's vote on this thing let's move it forward for the next generation. Well because Democrats and Republicans remained deadlocked over how to fix the nation's fiscal and economic problems. Some say the Simpson Bowles plan is the only viable solution. The question. Whether enough lawmakers Everest --

U.S. debt: Is Simpson Bowles the solution?

Wednesday, Dec 21, 2011 - 02:23

Top News »

The Exchange »

Moving Pictures »