Obama 'Fiscal Responsibility' Co-Chair: Reduce Spending to 21% of GDP--1 Point Higher Than Highest Taxes Since WWII

At the National Press Club on Tuesday, CNSNews.com asked Bowles at what level of Gross Domestic Product he would balance the federal budget, given that federal spending has exceeded 24 percent of GDP over the last four years and that since World War II federal tax revenues have reached 20 percent of GDP only once--and have never been as high as 24 percent of GDP....