Video embedded below.
"Why is this important? Erskine Bowles has a long pedigree as a Democratic budget thinker — and presidential adviser. When Barack Obama needed to pick the co-chair for his deficit committee, which he roundly ignored in the end, he chose Bowles to represent his side on the panel. Bowles served as Bill Clinton’s chief of staff, and earlier ran the Small Business Administration for Clinton. Ezra Klein predicted on Friday that Bowles would be the front-runner for Tim Geithner’s job at Treasury if Obama wins a second term."