Last updated: February 20. 2013 1:32AM - 82 Views

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(AP) The co-chairman of the U.S. deficit commission calls failure to agree on a plan to reduce the national debt the most disappointing thing in my life.

Erskine Bowles says what is going on in Washington is absolutely nothing.

Bowles, a former White House chief of staff for President Bill Clinton, tells MSNBC nobody gets a gold star for deficit reduction in connection with the recent deal to avoid the fiscal cliff.

Bowles, who co-chaired the deficit panel with former Sen. Alan Simpson, says there's no easy way out. The solutions are painful.

He also says Washington must come up with at least $4.7 trillion in deficit reduction. Failing that, he says, we're not going to have any money left over to spend on anything else but servicing the debt.

Associated Press
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