Erskine Bowles Testifies On 'the Most Predictable Economic Crisis' in History

April 5, 2011 | 8:38 AM EDT
The federal government’s cash-flow situation was summed up pungently in Senate Budget Committee testimony by Erskine Bowles, who served as chief of staff to President Bill Clinton and is now the co-chair of President Barack Obama’s National Commission on Fiscal Responsibility.