David Walker: “There's a crisis of confidence. There's a lack of action with regard to the credit crunch.”

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 we can get there without going to a parliamentary system, but I do think that we need political reforms as well as policy reforms.

I think they'll reconcile. I mean, the fact is the Speaker has a role to play and oversee the convention and he has an obligation to support the Republican nominee whoever that is.

We need comprehensive tax reform. Maybe we ought to think about allowing a deduction for corporate dividends.