"I think the probability is we're going over the cliff," said Erskine Bowles, a former Clinton administration official and former co-chair of President Obama's influential debt commission. Bowles told reporters Wednesday morning that he believes "chances are one-third that we'll get something done in the lame-duck [session of Congress]" and another one-third "that we'll go over the cliff and people will come to their senses very quickly … in the first week or so," to reach a compromise deal. The final 33 percent chance, Bowles said, was that no deal would be reached -- an outcome he called "insane." Video:
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