President Obama's proposed budget, out today, calls for about $1.1 trillion in spending cuts and tax hikes over the next decade to reduce the deficit and ultimately the federal debt. But for Charlotte's Erskine Bowles, the cuts go "nowhere near where they will have to go to resolve our fiscal nightmare."
That's what Bowles told the Washington Post this weekend. He co-chaired the president's deficit reduction commission that called for deep cuts in areas such as defense and entitlements, including Social Security.
Social Security, Medicare and other so-called mandatory spending make up most of the federal budget.