Via ABA: “Erskine Bowles and Alan Simpson, former heads of the debt commission, announced a new deficit reduction plan Tuesday. The deal, which would cut the deficit by $2.4 trillion over the next 10-years, is an attempt to find a middle ground between Democrats and Republicans. House Republicans have set a $4 trillion target for deficit reduction, while the White House has set a more modest $1.5 trillion goal….”There is no perfect solution to our fiscal problems. However, we believe strongly and sincerely that an agreement on a comprehensive plan to bring our debt under control is possible if both sides are able to put their sacred cows on the table in the spirit of principled compromise. We understand that there will be disagreements among policymakers and experts about the exact approach and specific policies necessary to achieve deficit reduction, and we welcome their commentary. In our view, a reasonable debt reduction plan should at least do the following…”