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Bowles makes firm case before debt reduction super committee
Written by Bruce Ferrell/David Horn   
Wednesday, 02 November 2011 10:36

(WASHINGTON, D.C.) -- As the 12 member congressional "super committee" continues to work on ideas to cut the deficit, former UNC System president Erskine Bowles spoke before members of the panel on Tuesday.  Bowles served as co-chairman on President Obama's panel which looked at the topic.

Bowles said deficit reduction will take a balanced approach.  "Raising taxes doesn't do darn thing to change the demographics of a country or change the fact that health care is growing at a faster rate than GDP and it's also not a problem that we can solely cut our way out of," said Bowles.

He gave member of Congress on the panel a firm, direct message about the current deficit reduction effort.  "We didn't make the $4 trillion number up because the number 4 bus rode down the street.  Four trillion is not the maximum amount we need to reduce the deficit, it's not the ideal amount, it is the minimum amount that we need to reduce the deficit in order to stabilize the debt and get it on a downward path as a percent of GDP."

Bowles, who was President Bill Clinton's White House chief of staff, said  the "super committee" should enact some savings immediately and order lawmakers to produce additional savings later.

Last Updated on Saturday, 05 November 2011 00:00
 
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