ERSKINE BOWLES: Now Is Finally The 'Magic Moment' For A Debt Deal

Erskine Bowles, the former chair of the White House deficit commission, said Monday that he is confident that now is the moment for Democrats and Republicans to reach a debt deal and avoid the fiscal cliff.

In an interview with CNN’s Erin Burnett, Bowles, who co-authored the Simpson-Bowles debt reduction plan, said the political stars are finally aligned for a deal. 

“I think this is truly the magic moment,” Bowles said. “We’ve got a second-term Democratic president who is willing to put entitlements on the table.  We’ve got a Republican speaker who really gets it, who understands the dangers we face and is willing to put revenue on the table.”

“We’ve probably got as many as 50 members in the Senate, equal number of Republicans and Democrats who are for a balanced plan,” Bowles added. “But most importantly, what we have, we have this fiscal cliff, this crisis, which really will create chaos if we go over the fiscal cliff and we don’t immediately get a deal thereafter.” 

Bowles, who served as White House chief of staff under former President Bill Clinton, also dismissed speculation that he could be named as a possible successor to Obama Treasury Secretary Tim Geithner.

Watch the full interview below, courtesy of CNN: 

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.