Share
The U.S. can avoid "going off the fiscal cliff" by slashing government spending—including drastic reductions in defense—and raising the retirement age to 68 by the year 2050, the co-chairmen of the national debt reduction commission told CNBC Thursday.
"We got some hope," Erskine Bowles said in an interview Thursday with "Squawk on the Street" from Sun Valley, Idaho.
"I think if I had to tell you the probability, I'd say the chances are we're going of the over the fiscal cliff—and I hate to say it—but I think that's probably right," Bowles said.
Bowles, who lives in Charlotte, has served as chief of staff for President Clinton and as president of the UNC system.
