Bowles Pessimistic About Avoiding ‘Fiscal Cliff’
Erskine Bowles, the former co-chairman of President Obama’s debt commission, is pessimistic that Washington will avoid going over the “fiscal cliff” at the end of the year.
“I think the probability is we’re going over the cliff,” Bowles told reporters at a Wednesday roundtable hosted by The Christian Science Monitor.
To do so would be “insane,” Bowles said. However, he forecast only a one-third probability that Obama and a divided Congress can agree on a budget deal that raises revenues and cuts spending. “One without the other won’t work,” he said.