The Debt Commission set up by President Obama to come up with recommendations to avoid insolvency is headed up by two honorable men: former Senator Alan Simpson and former Clinton chief of staff Erskine Bowles. They told a governor's conference today disheartening in its implications about the fiscal future of the United States:"There are many who hope we fail," Simpson said at the closing session of the National Governors Association meeting. He called the 18-member commission "good people with deep, deep differences" who know the odds of success "are rather harrowing."Bowles said that unlike the current economic crisis, which was largely unforeseen before it hit in the fall of 2008, the coming fiscal calamity is staring the country in the face. "This one is as clear as a bell," he said. "This debt is like a cancer."The commission leaders said that, at present, available federal revenues are fully consumed by just three programs:...(Read Full Post)