The chairmen of Obama's debt commission had a receptive audience in the Senate Budget Committee, as fears of a US debt crisis have brought a new tone of urgency to Washington.
With the national debt at 90% of gross domestic product, the US could face a crisis if creditors raise interest rates, experts say.
Jacob Lew, director of the Office of Management and Budget (OMB), says Social Security 'is essentially a parallel issue.' But this doesn't mean policymakers shouldn't address its challenges.
Jacob Lew responded Thursday to a report that some senators are working on legislation that would trigger tax hikes and spending cuts if Congress fails to live within spending targets.
Americans appear to back the intent of the bipartisan commission report – cutting the deficit – but it is less clear whether they approve of the panel's dramatic solutions.
A 60 percent majority on Obama's bipartisan deficit commission say they approved the co-chairs' recommendations, not enough to force a vote in Congress. Will their work have an impact?
Erskine Bowles is co-chairman of the presidential deficit commission, which votes Friday on US fiscal plan. As president of the University of North Carolina system, he's no stranger to budget-cutting. He's had to trim more than $550 million and 1,000 jobs.