Former White House Chief of Staff Erskine Bowles and Former Senator Alan Simpson (R-WY) discussed their recommendations as the co-chairs of the President's Commission on Fiscal Responsibility and the current debate over the debt and federal spending at a Politico Playbook breakfast.
The commission, more popularly known as the Simpson-Bowles commission, made a series of recommendations in 2010, but no comprehensive package of these spending cuts and tax changes was ever passed. Instead, Congress passed the Budget Control Act, which requires across-the-board cuts to defense and discretionary spending on March 1, 2013, if no other agreement is reached.
Politico's Chief White House Correspondent Mike Allen moderated the discussion.