Erskine Bowles, a Democrat who was White House chief of staff for President Clinton was co-chair of President Obama's Debt Reduction Commission. A report issued by the commission to find ways to pull the United States out its massive debt failed to win the 14 votes required to bring it up for a vote in Congress. The commission’s final report, titled The Moment of Truth, won the backing of 11 out of 18 members - three short of the supermajority required under the executive order that Obama signed in February when he created the panel. This final meeting of the panel took place on Capitol Hill in Washington DC, Friday, Dec. 3, 2010.
FiscalCongressdeficitThe Moment of TruthObamasocial securityentitlementtaxesDemocratRepublicanDirksenSenatepanelcommissionspendingrevenuestac cuttax ratesmilitary spendingSimpsonErskineBowlesFiscal Reformtax codeexemptionsmedicarefarm subsidiesbenefitsretirement ageIMG4972