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Bowles ‘encouraged’ by deficit talks

“I’m a little more encouraged than if you would have asked me about it a week ago,” said Bowles, a co-chairman of the Simpson-Bowles deficit commission, on CBS’s “Face the Nation.” “They have started to tango now and any time you got two guys in there tangoing, you got a chance to get it done.”

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But Bowles warned that any deal would need to rein in spending. 

“Even if you raise the top rates back to the Clinton rates, that only creates $400 billion over 10 years. That’s $40 billion a year. We got a trillion-dollar-a-year deficit. That alone won’t solve the problem,” Bowles said.

“We have to slow the rate of growth of healthcare to the rate of growth of the economy,” he added.

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