Lawmakers Work with Simpson-Bowles on Tax Deal

Former White House chief of staff Erskine Bowles and former Sen. Alan Simpson “are working with a bipartisan group of 47 Senators and as many House members to frame a compromise on $7 trillion in looming fiscal decisions,” Reuters reports.

“Without a deal, the end of the year brings higher taxes for most Americans with the expiration of historically low income tax rates enjoyed by nearly every American and expiry of a payroll tax break, along with broad automatic spending cuts that most lawmakers in both parties want to avoid.”

Said Bowles: “I believe this group will come together during the lame duck.”