In remarks to the Fix The Debt coalition -- which advocates fiscal policy modeled on the Simpson-Bowles report -- President Obama's chief economic adviser Gene Sperling said the GOP's budget offer fell well short.

"It not only failed to recognize the necessity of raising rates; it actually called for lowering rates for the highest earners, which inevitably means a worse deal for the middle class," Sperling said. "This is very unfortunate because recognition that we must raise rates on the highest income Americans stands today as the critical key to unlocking the door to a bipartisan budget agreement."

The letter also was disappointing because it failed to acknowledge what virtually every business leader today recognizes: that we must, for the sake of economic confidence and certainty, end the self-inflicted economic wound of sporadic debt fights that threaten default and tarnish the full faith and credit of the United States. 

Again, there is no reason for us to approach -- no less go over -- the cliff. If our colleagues on the other side of the aisle will work in good faith with us, I am confident that we can reach a balanced, fair, pro-growth and pro-jobs agreement in the spirit of good faith and compromise.