Simpson, Bowles Blast Debt Impasse

The former chairmen of President Barack Obama's deficit committee say they're deeply disappointed by the failure of a congressional supercommittee to come to an agreement over how to slash the federal deficit.

Alan Simpson is a former U.S. senator from Wyoming and Erskine Bowles is a former chief of staff in the Clinton White House. They issued a statement Tuesday calling on Washington to reduce forecast deficits by at least $4 trillion over the next 10 years.

Simpson and Bowles say it's wholly irresponsible for the nation not to have a plan to address its long term fiscal problems. The two say the country is facing the most predictable economic crisis in history. But they say leaders in Washington continue to play politics and avoid making tough decisions.