Bowles Says 50% Chance Debt Supercommittee Would Agree on Plan

Erskine Bowles, former co-chairman of President Barack Obama’s debt commission, said there’s a 50 percent chance that Congress’s deficit supercommittee will agree on a plan.

Bowles, in an interview today on Bloomberg Television, said he believes a downgrade of U.S. debt is “very possible” if the supercommittee doesn’t come up with a plan to cut the deficit. Bowles and former senator Alan Simpson, who led Obama’s 2010 fiscal panel, plan to testify today before the supercommittee.

Bowles, White House chief of staff during the Clinton administration, said a $4 trillion deficit-reduction plan is the “minimum” amount needed to lower the deficit. He said there’s a 20 percent chance the commission would agree on a large-scale plan.

To contact the reporter on this story: Peter Cook in Washington at

To contact the editor responsible for this story: Laurie Asseo at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.