By Peter Schroeder - 10/18/12 01:01 PM EDT
The group called on Washington to strike a deal as soon as possible to avert the cliff. But at the same time, they said that avoiding it is not enough — policymakers also need to craft a credible deal that addresses the nation's fiscal challenges. If Washington merely kicks the can down the road on the cliff and does not come up with a way to bring down the nation's debt and deficits, it risks losing its "moral authority as a global leader," the group warned.
However, it steered clear of making any specific recommendations on what such a compromise should look like, as the two parties are entrenched over how to handle tax rates and spending cuts.