here now pete peterson, and the foundation's vice chairman, michael peterson. ongratulations on the presidency. >> let's see how it comes out. >> mr. peterson, i want to start with just a little vocab 101. debt versus deficit. we hear it used interchangeably. give our viewers a little 101 on this. >> three categories. deficits are what happens this year, and debts are the deficits from the history of the country, and then there is a third category that is much, much bigger than what the public hears about. the public hears that the public debt is about $13 trillion. they are not told that we have about $50 trillion -- i said trillion and not billion -- >> right. >> of promises and liabilities, largely, social security and medicare and medicaid, of which know money has been put aside, and those are promises we made. those are off the books. >> mike, i look back at 1992 when the first time the debt, the issue of the debt, ross perot brought it into the forefront and at that time it was $3 trillion. there was a couple years where we balanced the budget as a governm