By Kevin Bogardus - 01/31/13 12:50 AM EST
Simpson and Bowles were also the co-chairmen of Obama’s debt commission. From that panel, they proposed cutting $4 trillion from the federal budget over 10 years through a mix of spending cuts and tax hikes.
Their plan, however, failed to pass through the debt commission in order to receive a vote in Congress. Since the panel disbanded, the two have kept active in the fiscal debate, founding Fix the Debt to advocate for more deficit reduction.
The coalition has grown to include several high-profile politicians and chief executives, including New York City Mayor Michael Bloomberg and David Cote, chairman and CEO of Honeywell.
Fix the Debt says it has raised millions of dollars for its advocacy campaign. The group touted its strength this month, noting it has 23 state chapters and 120 senior business executives sitting on its CEO Fiscal Leadership Council.