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Alan Simpson and Erskine Bowles say they are coming out with a new plan to bring the U.S. deficit under control.
U.S. President Barack Obama is talking to Democrats and Republicans about cutting Medicare and Social Security entitlements, a White House official said.
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The game of chicken over the across-the-board cuts in federal spending threatens to play out until the bitter end as both parties dig in to their respective positions and are blaming the other for the impasse.
House Speaker John Boehner said President Barack Obama lacks "courage" for warning about $85 billion in U.S. spending cuts but offering no viable alternative.
U.S. Rep Paul Ryan, R-Wis., the Republican U.S. vice presidential nominee in 2012, said Sunday the election outcome suggests his party must "expand our appeal."
Even though the fall off the "fiscal cliff" was more like a bungee jump, the U.S. economy has yet to step back from the precipice.
Business leaders and deficit-reduction hawks say the "fiscal cliff" deal passed by the U.S. Congress is positive because it averts tax hikes, but falls short.
As the clock ticked down on 2012 and the "fiscal cliff" loomed ever larger, concerns mounted among seniors and their advocates any solution to U.S. fiscal problems would be resolved at least partially on their backs.
The namesakes of the Simpson-Bowles Commission Sunday chided all sides in the seeming stalemate over the U.S. fiscal cliff.
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