Kent Conrad: “The cuts that will be imposed on your agencies could be draconian and could come much quicker than anybody anticipates.”

Things are changing very rapidly, and it presents us with a requirement to change how we envision retirement as well.

If you had to reduce it to a word, I would reduce it to 'globalization.'

Can I just respond quickly, Mr. Chairman, and say when Simpson-Bowles went down, a group of six of us in the Senate, three Democrats, three Republicans, were asked by leadership to see if we couldn't come up with a way forward to adopt the…

It takes guts to do that, and Chairman Arrington, you have certainly led the charge on having a commission.