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

December 3, 2012 - 11:21 AM

(CNSNews.com) - 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.

“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.”