As long as we are putting this in the context of medium-term fiscal consolidation--so, over a 5 to 10-year horizon, until the financial markets believe you have credible plans for bringing down the deficit, controlling the deficit, and preferably bringing down the debt, then yes, I think that there is ample scope for measures that would encourage short-term job creation.

I am proposing that you tax excessive leverage, because that is what generates the big negative.

Should revenues be part of the debt limit discussion, as we start to discuss how we move forward in dealing with our deficits and our national debt?

It is absolutely essential that the United States remain a beacon of safety and clarity to international investors.

I think you should focus on moving towards a value-added tax system.

We don't know what happens, but we don't want to find out.

We shouldn't do it. I hope we don't do it. It would be very bad for the economy.

Yes, that is kind of double taxation, isn't it?

Experience in Europe, including in the last days and weeks, tells you that countries that previously thought that they had an impeccable credit rating can come under market pressure much more quickly.

But if I could just add, the tax on excessive leverage is where European Union is heading, including the UK.

It makes no sense to have a tax code that encourages that leverage, at the same time as we try and pull it back rather ineffectively with regulation.