Erskine Bowles, co-chair of President Barack Obama's 2010 debt commission, said he expects there is a better chance that a deal will get done to avert the so-called fiscal cliff.
"There's a 40 percent chance of a 'fiscal cliff' deal before year end," Bowles, told CNBC on "Squawk Box" on Monday. "The chances of getting it done are better and that's what's key."
But he still thinks there's a 35 percent chance of going over the cliff, which would trigger $600 billion in spending cuts and tax increases. He said there's a 25 percent chance of a deal being hashed out just after the new year.