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The Editors

Bowles-Simpson’s Less-Grand Bargain

Erskine Bowles and Alan Simpson, the indefatigable odd couple of U.S. fiscal policy, are at it again, offering their third deficit-cutting plan in four years. You’ve got to admire their effort, if not their success rate.

Clearly, Simpson and Bowles have learned some hard lessons on the state of American politics: Their latest iteration, a $2.4 trillion package of 10-year spending cuts and tax increases, is less ambitious and more politically feasible than the $4 trillion grand bargain of 2010, the last big Simpson-Bowles blueprint.