Erskine Bowles: ‘The Probability Is We're Going Over the Cliff'

By Eric Scheiner | December 3, 2012 | 11:21 AM EST

( - Erskine Bowles, the former chief of staff to President Bill Clinton whom President Barack Obama named a co-chair of his own National Commission on Fiscal Responsibility and Reform, said last week he believes the federal government will probably go over the fiscal cliff.

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“I believe the probability is that we’re going over the cliff,” Bowles said at the Christian Science Monitor Breakfast in Washington D.C. last week.

“I think that would be horrible and I think it would be devastating to the economy,” Bowles said. “It particularly bothers me, especially given the fact that I believe this is the magic moment.”

“If we are ever going to get a deal done now is the time to do it.”

“Most importantly, to get something done here in town you’ve got to have a crisis and we got one. We’ve got a real crisis in this fiscal cliff and I think it would be insane to breach this fiscal cliff,” Bowles continued, “Yet, I think there’s only a one-third possibility we’ll actually get something done before December 31st.”

Eric Scheiner
Eric Scheiner
Eric is the Senior Video Producer for