Congress has done the easy part of deficit and debt reduction, but the more difficult decisions on controlling health care costs, reforming the tax code and fixing entitlements still lie ahead, Alan Simpson and Erskine Bowles told the TD Ameritrade conference on Friday.
"As intransigent as both parties have been, they have been able to get something done," Bowles said. He noted that the "pitiful" revenue deal at the beginning of the year brings in $650 billion, the continuing resolution cuts $700 billion in spending and last year's budget control act cuts another $1 trillion.
"The problem is, they've done the easy stuff," Bowles said, pointing to raising taxes on the wealth and capping discretionary spending without delineating what will be cut. (Read More: Americans Are Willing to Pay to Keep Social Security: Poll )
The Simpson-Bowles' debt commission proposed $4 trillion in deficit cuts as the minimum needed to stabilize the debt and put in on a downward trajectory.
The tougher decisions lie ahead. Bowles said Congress needs to reform the tax code to make the U.S. globally competitive, control health care costs, address entitlements and tackle wasteful defense spending.Page 1 of 3 | Next Page