co-chairman, allen simpson, 18 years u.s. senator from wyoming noted for his colorful wit also warns against the growing immensity of the nation's public debt. >> the rest of the federal government including fighting two wars, social security, education, art, culture, you name it, veterans, the whole rest of the discretionary budget is being financed by china and other countries. >> currently, china holds $920 billion of the u.s. debt. if the u.s. does not change its debt habits in the next ten years, spending is expected to grow by some $2 trillion. that is $500 billion in social security, $500 billion in medicare. $300 billion in medicaid, and $650 to $700 billion in interest. >> we can't grow our way out of this. we could have decades of double digit growth and not get our way out of this debt problem. >> to combat the problem, the commission will have a plan by december 1 to cut the annual 3% within the next five years. >> question, will the bowl, simpson national debt commission just appointed by president obama make mat