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.
The mortgage interest tax deduction is cherished by many Americans as the path to homeownership. But the co-chairmen of the US debt panel say it should be rolled back.