By Vicki Needham - 10/14/13 02:51 PM EDT
"It’s going to take real political courage for folks to begin working together to confront the long-term fiscal problems facing the country,” said Bowles, who served as chief of staff to former President Clinton.
"Now is the time to tell Washington it’s long past time to fix the debt."
Many lawmakers stayed in Washington over the weekend but there was still no agreement in sight, although talks are ongoing.
The Treasury has about $30 billion on hand, and Secretary Jack Lew has said he will run out of "extraordinary measures" to pay the nation's bill beyond Thursday.
Stocks slipped on Monday as a deal remains elusive.
Simpson and Bowles are best known for their work on the presidential budget commission created in 2010 that mapped out a long-term blueprint to get the nation's finances in order.
Congress failed to muster the support to take up the plan but it is frequently cribbed and quoted as an example as to how put shore up the country's balance sheet.
The plan slashed $4 trillion from the deficit and suggested an overhaul of entitlement spending, including Social Security and Medicare.