As it stands, contentious budget issues have paralyzed the Capitol, and raised the possibility that deep spending cuts roughly $85 billion will effect on March 1.
"When this really stupid, stupid, stupid sequester goes into effect, we're going to start to feel how this government is really dysfunctional. People will see it really quick and get really angry with these people in Congress and the administration." said Erskine Bowles, "We are operating our government on a month-to-month basis right now."
"I give them all a C," Simpson said of Congress, "Everyone is at fault here."
Simpson and Bowles' plan would reduce spending through a combination of mandatory spending cuts, stronger caps on U.S. discretionary spending, using the Consumer Price Index for inflation-indexed provisions in the budget, and lower interest payments.
"The proposal also calls for a parallel process to make Social Security sustainably solvent and further actions to bring transportation spending and revenues in line and limit per capita cost growth in federal budgetary commitment to health care to about the growth rate of the economy," according to a summary of the plan.