i guess i would come back to say that when the bolles simpson report came out, i was disappointed itrsued. whoever is president next time around, i hope we get at that. >> the plan calls for a great deal of raising of tax revenues. will you be telling governor romney that? >> i think it's presuming to be saying what i would be telling governor romney. what i took away from the bolles simpson is the need for a broad-based tax reform, like what i worked with secretary baker in the mid 1980s. i don't think it's fuf to talk about fiscal auto a justment. you have to be focussing on the structural aspects as we talked about in europe and the microeconomics to create incentives for the private sector, and i think the tax code is now becoming riddled again with a whole series of inefficiencies and special favors, and so i think on the tax side the main message is broaden the base and lower the rates. >> diplomatic set of answers. >> i'm a diplomat. >> robert, pleasure to have on you. up next, a fascinating look at the economy from the vantage point of the world's largest money management fir

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what i took away from the bolles -- bowles-simpson is the need for a broad-based tax reform, like whatorked with secretary baker in the mid 1980s. i don't think it's enough to talk about fiscal adjustment. you have to be focussing on the structural aspects as we talked about in europe and the microeconomics to create incentives for the private sector, and i think the tax code is now becoming riddled again with a whole series of inefficiencies and special favors, and so i think on the tax side the main message is broaden the base and lower the rates. >> diplomatic set of answers. >> i'm a diplomat. >> robert zoellick, pleasure to have on you. >>> up next, a fascinating look at the economy from the vantage point of the world's largest money management firm, larry fink of black rock joins me next. [ male announcer ] citi turns 200 this year. in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. so why should our anniversary matter to you? because for 200 years, we've been helping i

that's alan simpson and erston bolles. they did figure it out. the recommendations, however, were never implemented. can they be revived? later in the show the presidential race. how much will same-sex marriage, private equity, and contraception have to do who is elected in november, or is it all about the economy? i've got a great panel. the "wall street journal"'s peggy noonan, ross of the "new york times", and more. also, moving a capital. to increase your political capital. should russia build a new kremlin 4,000 miles to the east? i'll explain. first, here's my take. there's much speculation these days about the power struggles in china in the wake of the ouster of the powerful party boss. china's political system will surely be tested, but in the short run its leaders may have dodged a bullet. he was a charismatic leader who used pop lichl, money, and power to build a political base. had he not been brought down by a series of mistakes, revelations, and bad luck for him, he might well have altered the nature of the technocratic system that

i think you're talking about is more on the solution simpson bolls. >> yes, we can't grow our way out of. we have to be responsible about ensuring we don't tank the economy. >> yeah. i think the vast majority of my constituents who are not part of the washington elite would agree with what you said. i think they are ahead of where what washington. you can't spend more than you take in, people go like this. they have family budgets and lot run small businesses they understand it doesn't work. there's a sense throughout that washington is koreaning down a path toward a fiscal catastrophe. what pat is saying the lack of leadership. it requires leadership, and tell you, not to be partisan here, god forbid. [laughter] i think mat pat makes a good point. it's not about ronald ronald reagan it's about bill clinton and welfare reform. that kathleen raced. it's about presidential leadership. it's providing cover to your own party. i'm not going speak for him. i wouldn't do that. i will say that democrats need a little help. in terms of the super committee. we didn't have that. in fact what we

opening question of the first presidential debate should be, which of the two of you will activate simpson-bolls? >> could be. obama will say, i thought there were a little excessive on defense cuts. minor only slightly smaller, but i have cut more in the first five years of medicare spending than the recommended. and then you have to go back and say, i guess, but you've done nothing about social security. since then-bowles makes social security more progressive. that is one thing i love about it. -- since then -- simpson-boweles makes social security more progressive. that would help if you have the right follow. in other words, you have to get down to, basically, the republicans compare it to too much tax cuts. and the democrats are reluctant to to commit to the longer term savings and do not yet want to touch social security, which i think could be fixed with relatively little controversy in a way that would, if you look at the simpson-bowles plan, it is very clever. it is better for lower-income seniors. >> let's talk political strategy, if we can, for a moment. i know it is a subject near a

. >>> the former republican senator alan simpson and the former clinton white house chief of staff bolles may forebe remember for their great idea that was never put into practice. in 2010 president obama challenged the bipartisan duo to chair a commission to develop policies to bring america back to fiscal sustainability. they did. nobody ever did anything about it. this week the dangerous carping over the debt limit began anew. who better to talk about all this is alan simpson and erston bowles. thank you for joining us, folks. >> it's a pleasure. >> great to be here. >> senator simpson, you have seen what's been going on these last few months. the house actually voted on the simpson bowles, and it went down, and paul ryan, the leader of the house on fiscal issues, i suppose, said that simpson-bowles was the wrong way to go because there weren't enough spending cuts, and there were too many tax increases. what was your reaction? that's your party. >> well, i think my party and i have different views of a lot of things. i guess i'm known as a rhino now, which means a republican in name o