The co-chairman of President
“I’m really worried,” Bowles told reporters. “I believe the probability is we’re going over the cliff.”
Bowles isn’t involved in the budget negotiations, though he said he met with Obama yesterday. He also was among a group of company leaders who met today with House Republicans. Following the meeting, Bowles told reporters he sensed no greater willingness by Republicans to let income tax cuts for high earners expire
“We’ve got a very long way to go and very few days to get there,” he said. Bowles didn’t describe his conversation with the president.
“There’s no scientific basis for me to say one-third, it’s just what I feel having spent my life as a negotiator,” Bowles said. As “people begin to react” and economic news comes out in the fourth quarter, there’s another one-third chance “you get something done real quick” in 2013, he said.
“That’s still leaves that one-third that we could actually have real chaos and no deal, and I think that would be a disaster,” Bowles said, a message he said he relayed to Obama.
While House Speaker
The bond market isn’t showing anywhere near the same level of concern.
As the national debt has soared to more than
The yield on the 10-year note touched a record low 1.379 percent on
The “sticking points” for a budget deal are the president’s call for
Based on his
“I didn’t sense it, I heard it” directly from Obama, he said. Bowles said while Obama believes the major portion of revenue should come from ending the tax cuts for the top 2 percent of taxpayers, a plan also could include limiting some deductions and credits, an approach favored by Republicans.
The Campaign to Fix the Debt, founded by Bowles and former Republican Senator
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