Simpson Bowles

The National Commission on Fiscal Responsibility and Reform (often called Simpson-Bowles or Bowles-Simpson from the names of co-chairs Alan Simpson and Erskine Bowles; or NCFRR) is a Presidential Commission created in 2010 by President Barack Obama to identify "policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run". The commission first met on April 27, 2010. A report was released on December 1, 2010, and although the Commission was supported by over 60% of the members (11 out of 18), and an equal number of Democrats and Republicans, the report did not reach the 14-vote threshold required to formally endorse the blueprint and have it sent to Congress for approval.^[4] Proponents of the plan praised it for hitting all parts of the federal budget and for putting the national debt on a stable and then downward path. Prominent supporters include JPMorgan Chase CEO Jamie Dimon, Democratic Leader Nancy Pelosi (although at first she opposed the proposal), then-Secretary of State Hillary Clinton, and Republican Senator Tom Coburn, Democratic Representative Chris Van Hollen has called for a deal based on the Simpson-Bowles framework. Critics say that it would cut entitlement and safety net programs, including Social Security and Medicare. Prominent opponents include Paul Krugman, Speaker of the House Paul Ryan, President of the Americans for Tax Reform Grover Norquist and Democratic Representative Jan Schakowsky.

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