Obama’s Debt Commission Chairs Diss Fiscal Cliff Fix

What's Hot


The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

How a Mexican Tariff Will Boost the Cost of 6 Common PurchasesFamily

This Free Software Brings Old Laptops Back to LifeMore

How to Protect Yourself From the ‘Can You Hear Me?’ Phone ScamFamily

Report: Walmart to Begin Selling CarsCars

Is Your TV Tracking You? Here’s How to Tell — and Prevent ItAround The House

Trump Scraps FHA Rate Cut — What Does It Mean for You?Borrow

Where to Sell Your Stuff for Top DollarAround The House

11 Staging Tips to Help You Get Top Dollar When Selling Your HomeAround The House

8 Tuition-Free U.S. CollegesCollege

10 Overlooked Expenses That Ruin Your BudgetFamily

4 Car Insurers That Might Raise Rates Even When the Accident Wasn’t Your FaultCars

How to Invest If Trump Kills the ‘Fiduciary Rule’Grow

20 Simple Hacks to Make Your Stuff Last LongerAround The House

12 Surprising Ways to Wreck Your Credit ScoreBorrow

Erskine Bowles and Alan Simpson are not impressed with Congress' past-the-last-minute tax shenanigans. Here's what they said.

President Obama created a bipartisan debt reduction committee in 2010 to figure out a way to fix Washington’s busted budgets. What came out of it was the Simpson-Bowles plan, named after its co-chairs. That plan was sure talked about a lot, but pretty much ignored over the past year and a half that Congress could’ve done something with it.

Suffice to say, Simpson and Bowles aren’t very happy with Congress’ alternate New Year’s solution. From a press release [PDF] they issued today…

Washington missed this magic moment to do something  big  to  reduce  the  deficit, reform our tax code, and fix our entitlement programs. We have all known for over a year that this fiscal  cliff  was  coming.  In  fact  Washington  politicians  set  it  up  to  force  themselves  to seriously  deal  with  our  Nation’s  long  term  fiscal  problems.

And then they didn’t. Simpson and Bowles call what Congress passed “a small step” after bringing the country to “the brink of disaster,” and says they need to step out of their comfort zones and find the courage to fix the tax code and government aid programs.

If they don’t, we’re going to see variations of the fiscal cliff playing out over and over again, like that movie Groundhog Day.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: 8 Ways to Take Control of Your Finances — and Be Happier

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,738 more deals!