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Bowles of U.S. Debt Commission Putting Focus on Spending Cuts

As much as three-quarters of the savings President Barack Obama’s national debt commission has been asked to propose ought to come from cuts to government spending rather than tax increases, panel co-chairman Erskine Bowles said.

Bowles, a White House chief of staff under former President Bill Clinton, said yesterday that trims to expenditures could account for two-thirds to three-quarters of the panel’s package of proposals for reducing the federal budget deficit.