It is a legal document. There are trustees who hold notes on the U.S. Treasury.

I do not believe that is the right approach.

the gross debt of the United States in 2013 is $17.2 trillion, and in 2023, it is $25.4 trillion, a net increase of $8.2 trillion

This budget request is one that, in a time where sequestration is affecting many programs, including our defense budget, the defense budget is getting cut significantly.

So the plan that would cut $130 billion more than the President's request would still allow you to meet the strategic requirements that you believe the Nation must meet?

I would totally disagree with that, and I think that economic studies are going to prove that is wrong.

I do think we need to focus on that and ask if there are other things that we can do to confront that problem.

Isn't your compromise hiding over a half trillion dollars in tax increases over the current baseline?

It balances in 10 years. It does not just use the word 'balance.' Its revenue equals its outflow.

I think those are some good, specific proposals that we should do more of in the Government.

We need to reduce our deficits

This is not a compromise plan. It is a tax-and-spend plan that does not alter the debt course of America, and that debt course, as Mr. Bowles told us, is unsustainable at this point.

I think that is critically important.

And it also increases the risk, as Erskine Bowles and Alan Simpson told us, of a fiscal crisis that might occur.

I am disappointed that we are constricted.

One thing I would like to emphasize is that it is not a definition of good policy or concern just to spend more money.

It is an absolute fact.

the administration has not indicated willingness to compromise, but as they have released with this budget, they slam the door on compromise.

Right, well, fundamentally, is it not true that the deficits continue to rise and rise steadily because they are increasing faster than economic growth?

Thank you for your insightful report and comments. They are very important to us.

But there is no money to pay it with.

We just had a $616 billion tax increase, averaging about $60 billion a year extra income, and we are having recovery from the recession, the slowest in a decade but some recovery, and that results in a lower deficit, as you have reported…

They said it was inevitable if we do not change this unsustainable path. Would you agree with that?

I read your budget, it increases taxes in plain numbers by over $1 trillion, and it increases spending by almost that same amount, virtually having no deficit reduction.

We need to avoid that crisis and we need more help from this administration to get our debt level down.