erskine bowles and alan simpson, and the co-leaders of a separate task force, alice rivlin and pete domenici. bowles was chief of staff in the clinton white house. he and simpson want nearly $4 trillion in deficit cuts over the course of a decade. >> we didn't make $4 trillion up because the number four bus rode down the street. $4 trillion is not the maximum, it's not the ideal amount-- it is the minimum amount we need to stabilize debt. >> holman: rivlin was director of the office of management and budget in the clinton administration. she, too, urged the committee to set $4 trillion as a target. >> we must go well beyond the minimum charge of $1.2 trillion. even savings of this magnitude would leave the debt rising faster than the economy can grow. >> holman: on the republican side, former new mexico senator pete domenici called for the super-committee to tackle entitlement programs and tax reform. >> let me be blunt-- a plan that does not fundamentally restructure medicare and other health entitlements will fail to adequately address the debt crisis we face. both sides-- those who are ag

former republican senator pete domenici had harsh words for members who only want to do one or the other. >> they are both complicit in letting america destroy itself because we don't want to make tough decisions. >> reporter: the committee's job is made tougher by the hundreds of trade groups and corporations seeking meetings and airing ads in an attempt to protect their piece of the budget. yarp is fighting for proposed cuts to medicare. >> we are 50 million seniors who earned our benefits. >> reporter: simpson surge it had committee to ignore it all. >> people admire guts and courage. they may fight you, they may vilify you, but they will admire you. >> reporter: failure is also a powerful motivator and if the supercommittee doesn't reach a compromise, scott, then across-the-board spending cuts will go into effect in all government programs, including medicare and defense. >> pelley: nancy, thanks very much. bank of america announced a big cut of its own today. after an outcry from customers, it is scrapping plans to charge $5 a month for making purchases with debit cards. in the pres

that's pete domenici, they're hearing from his co-chair, rivlin. and simpson. that hearing has been under way since about 1:30 this afternoon, continues live online at c-span.org and also over on c-span3. tomorrow morning on "washington journal" we will hear from budget committee member bill pascrell about today's discussions in the supercommittee. this morning the focus was on the future of social security. host: so let's just begin by talking about social security. what is the social security trust fund? guest: social security was set up as a pay as you go system. in other words, the taxes and benefits were supposed for approximately equal but there was always an understanding that social security would need to have a reserve. the trust fund is, if you will, the home for the reserve. the committee then arises, well, what do you do with the excess funds in the reserve and the decision that was made was that the safe thing to do was to put the reserve into u.s. treasury securities. these are not marketable securities. you can't buy them. the trust fund can't se

former new mexico senator pete domenici is on the panel. he has some harsh words for the subcommittee members who only want to do one of those things, not all of them. >> they're both complicity in letting america destroy itself because we don't. to make tough decisions. if the subcommittee does not reach an agreement on the cuts, they'll automatically go into effect. they'll splash funding for programs like defense and medicare if that ends up being the case. >>> it has been six weeks since the predicted traffic nightmare from the military job relocation became a reality. now, the government is kicking in some money to make road improvements to make things easier on commuters. more than a quarter billion dollars will go toward easing the commute near the naval medical center. surae chinn is live to tell us exactly where some of the money is going to go. surae, good morning. >> good morning. traffic isn't too bad here on center drive at this hour. we have seen some traffic building. some folks lining up trying to get into walter reed medica

he laid out a plan-- and i give him credit for this-- based on the plan that pete domenici and alex rivlin put together and that was to create two systems, we'll see which ones work. but he hasn't been willing to lay out either of those systems in a compelling way for the same reason he hasn't been able to lay out a tax reform, innate caution. rose: but he said "i'd rather stand for something than be reelected". >> yeah. . >> rose: he said "if the price of not doing anything is the price of having a second term, i'll take one term." >> well, a he's one of the most competitive people youl ever want to meet. he wants to win this election and, you know, that's fine and i'm sure he looks at the republican party and says "for the good of these people...". >> rose: does she a cynical view of politics which is right? >> i guess i go back to my original take on him. it helps to have lived in chicago to get obama which is to say chicago hasle two political cultures. it's got the lake front culture which is progressive, which is idealiic, which is hope and change. it has a neighborhood culture and t

host: alice rivlin and pete domenici also testified.ler: what happens to the social security that someone pays but they died before they can use it? guest: if the spouse is not there, then that money goes back into the treasury department. host: this headline in the "washington post." guest: i am sorry, it goes back into the social security fund. it says here, a quick agreement on spending priorities for the areas of government in the bill. then they passed a resolution -- guest: no substitute for passing a budget. when we were in control, we did not pass that budget in time because we could not get 60 votes in the senate to do anything. on the other hand, we need to adjust it. we will have the appropriations and we will debate on the floor today or tomorrow whether we can even have a program. as a reflection of this big huge debate going on, that is one issue that i feel relief enunciates the differences between the two parties. i would rather talk about the similarities. i believe that there are people in the republican party that sup

guest: what i would like to see is something much like the alice rivlin-pete domenici task force imposedparticularly because i was on the task force. but the basic premise was to look at the tax expenditures, the exemptions, credits, and deductions, and severely cut back and eliminate a lot, maybe cut back on others. and it that way we would bring in more revenue and that would allow us to have lower rates and a simpler tax system that i think people would be less suspicious of. the big tax expenditures by the exclusion of employer-provided health insurance, the home mortgage deduction. it is not just corporate jets. we have to be realistic about that. these are entitlements as well. they run through the tax code but they are entitlements. they tend to benefit upper income people. so, you could do tax reform along the lines that i suggested that is progressive. we made sure in our plan thatthu would not want to continue to provide some support for, particularly on the savings side of the budget. we want to encourage people to save. on the other hand, a lot of saving incentives incentiviz

senator pete domenici, the longest serving senator in new mexico history, has a storied career as chairman committee. he serves as a senior fellow at the bipartisan policy center. dr. alice rivlin is a vice chair of the federal reserve, served in the clinton and in the station, and is the founding director of the congressional budget office. he served with senator day medici on a bipartisan policy center's task force for debt reduction. i want to thank each of the witnesses for their work. there are many other fine organizations and think tanks that have added value to the process. this particular chose to hear from these four individuals and these two bodies. the chair will not yield to himself for an opening statement. we did the chair will now yield to himself for an opening statement. -- the chair will now deal to sell for an opening statement. i believe we will hear that we are facing a genuine crisis. we're operating on borrowed money and time. i never tire of reminding myself and the public and mcauliffes the although we have a statutory goal -- and my colleagues that although we ha

>> guest: but to coachers for former senator pete domenici of mexico and ellis ruslan who is a former director of the founding cbo director omb director vice chairman and a whole bunch of other things. >> host: they will be testifying before the committee one thanks 30 eastern live coverage of this country and on c-span radio. daniel, republican. last phone call here on the future of social security. >> caller: okay, let's make this quick and let's bust the bubble right here, right now. in 1944, the united states supreme court ruled in helvering versus davis which is on the social security web page that social security is not and has never been a trust fund. it is not and never has been a retirement program. it is called nothing more and nothing less than an income tax which is paid into the u.s. treasury and to be spent by the congress on what ever they desire after it is paid in the treasury shaker had noted on the supreme court page and the social secure web page to the critical outburst and outright lie. >> host: let's get a response. >> guest: i like to too, daniel. the essence i

along with alice rivlin and pete domenici who led an effort for the bipartisan policy center here in washington. the committee is tasked with finding at least $1.2 trillion in deficit savings by november 23rd. live coverage of that meeting in just under and hour on c-span3. >> would you continue your statement please. you will receive the answer in due course. don't worry. >> i'm prepared to wait for my answer until hell freezes over if that is your decision. pppppppppppppppppppppp@ >> when i got into the public started selling my books every person i worked with you had rejection letter from which is kind of cool. we go to meeting. we love your stuff. what about this? >> the white house counsel on environmental quality kicked off a 2011 green gov symposium feeting you are environmental and energy policy leaders discussing the ways that federal government can lead in sustainability. among the speakers white house budget director jack lew. >> well con to green.gov. happy halloween. we're thrilled to have you here today and so grateful for your to your engagement and commitment to gree