David Walker: “We're going to have to readjust our sights. When we come out of this, we're going to have slower growth and we're going…”

Government doesn't create jobs that will last for the long-term. But they can do things that will help create an environment.

The president has got the high ground because he's basically saying, let's go for a long-term deal. I will put Medicare, Medicaid, Social Security on the table. All you need to do is to put tax expenditures on the table.

I think there's a way to bridge this and for both sides to save face. We ought to be trying to get a credible down payment and a one-year extension to get a grand bargain.

I would respectfully suggest that for the benefit of the United States and for the benefit of the American people the answer is yes.