Kent Conrad: “62 percent of the outlays is after 2 years.”

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…

The consequence of failure has to be made clear.

What is realistic is to deal with these changes in a way that does expand access, that does expand the opportunity for people to participate in a retirement plan at work.

I wish I could look you in the eye and say, you know, if we just had the will, we could reverse this, and we could go back to a time when defined benefit plans were on the increase. I do not think that is in the cards.