"We need stability so businesses and individuals can plan their future,” he said. Unless someone takes the “steering wheel” there are a long list of things, including taxing of certain Medicare benefits, that will affect everyone.
Negotiators should go back to the Simpson-Bowles fiscal commission plan released in 2010, which could serve as the framework for discussions, he said. That plan calls for spending cuts and revenue increases as a way to cut $4 trillion from the deficit by 2020.
“There are no easy solutions,” he said. “We need to find a pathway that would lead to more stability.”
He was optimistic the two sides could work together to meet the challenge.
“I think there is increasing recognition that it’s something to fear," he said.