Erskine Bowles: “Failure to reach our target will lock us into mandatory indiscriminate cuts and will limit our options in the future.”

It is an enormous fiscal cancer, and going forward it will only get worse.

The longer that we kick the can down the road, the worse the situation is going to get.

This is the most predictable economic crisis we have ever faced, if we do not do something about it.

A balanced, long-term approach to deficit reduction that keeps everything on the table is the only way that we are going to be able to address the deficit.