this is part of an economic forum hosted by the peter peterson foundation. it's 50 minutes. >> first of all, i'm very pleased to be here for what i think is one of the most compelling issues of my lifetime as a political journalist, and i think it's going to be a defining issue not just for the rest of this election cycle but for a long time to come. and i'm very pleased to have the opportunity to interview president clinton, who paused in his world travels to come down here because he cares so deeply about the subject that brings us here today. i've just spent, mr. president, the last three weeks as we were talking backstage going around america in a way. i was doing series of town hall, mid-atlantic, eastern sea board, the midwest, southwest, far west and i detected a uniform reaction, a mass of people in the middle who are longing to be led, there is across political identification, republicans, democrats and independence alike. if i were to characterize the tone of those audiences and the country is there's a kind of weariness and wariness about the poli

deficit committee and philadelphia mayor discussing the nation's fiscal challenges hosted by the peter peterson foundation. it's just under an hour. >> first time i have been to the right of you, i think, senator simpson. >> i didn't hear that. >> first time i have been to the right of you. i haven't been here for the entire morning but i heard the last couple of speakers. and i have been interviewing a lot of people on the budget issues this week and good morning america. you must feel a little bit like the pope these days. everyone feels the need to kiss the ring of sibowles-simpson. >> kiss something. >> even if they don't adhere to everything you have laid out. what i would like to do is have you talk a little bit about what you are hearing when you go out into the country and try to lay the groundwork for support. what you are hearing back from people of what they expect and want and need and understand about the the problem. >> first, thanks to peterson and michael for this. this is a great forum and i'm always proud to show up. i knew pete years ago talking about social security reform a

this event was hosted by the peter peterson foundation. >> we'll plunge right into it. the first thing i would like our panelists to do, i propose that we go down the line, starting with senator portman here is to test the premise of this panel which as i take it is that substantively it might be challenging but not really that difficult to solve the mathematics equation of the deficit that people could sit down with a calculator and a legal pad and get it done. but that the dimension of this is the political one. and obviously this does take place in the context of a euro failure in 2011. there was a hope that as happened occasionally in the past in washington you get mature reasonable people in a room, throw the reporters out, they don't come back until you got it solved as was done in 1997 with president clinton and then speaker gingrich, was done in 1990 with republicans and the first president bush, in 1983 with social security. but if you can replicate that, get reasonable people 18 room away from the glare of the lights that there would be a solution to this. 201

president, we have a facebook page as part of the symposium that peter peterson has organized for us. peter has always been on the cutting edge of technology. this is from linda in fort collins. i believe he must make radical cuts in entiements to ensure that my daughter and her friends will not have a lower quality of life because of our barring extra. how on earth do you get the democrats to agree to entitlement cuts and the republicans to agree that taxes must go up and not just for the rich? this is something of wh we have been talking about. >> first of all, i think you ask people to actually read what simpson-bowl did on social secu. i have read every word of the simpson-bowles reports. they raised more money by flatning rates. the one thing the what to do that i disagree is the red of the r and d tax credits. we are trying to get high in manufacturing back to america. they like to have it done at the site where they do manufacturing. i think those two things are good. on the medicare entitlement, you have two problems there. one is demographic. if the baby boomers consume healt

this forum is hosted by the peter peterson foundation. [applause] >> thank you for that introduction, and let me say it is an honor to be here in this historic auditorium. it was here in the spring that leaders gathered to sign the north atlantic treaty. president truman declared people with the termination can choose their destiny. they can choose freedom or slavery. go all nations face a grave threat to freedom, one from within. that is their debt and our debt. the world looks to the united states for an example. it is an example of a free people whose hard work and sacrifice make a vibrant economy. if unleashes world-class products. it is never content with status quo. i got an example growing up and working in my dad's bar. instead of the shining example of what does the world see, the president lost his rating for the first time in our history. the senate has not passed a budget in three years, and earlier, another unemployment report showing the greatest economy remained unable to create enough jobs for lasting economic growth. you

. >>> so i spent the day at a fiscal summit and it's hosted by a man named peter peterson.f commerce. he was the cofounder of the blackstone group. in 2010 he was one of 40 billionaires that signed the giving pledge. agreed to give half of his wealth to charity. he's also 85 years old. and was amazing today behind stage was two of his sons were there, his granddaughter were there. they were all participating in the entire event. it made me think about all the generations at play. you keep hearing all the time that the older generations are passing their problems on to the future. although people alive now, hey, forget about it. just leave up the debt and leave it to them later. it was the older generation that was leading the way. senator allen simpson, you saw him there, is 80 years old. he is the simpson of simpson bowles. he was one of the most passionate and entertaining speakers today. >> how many contractors do you have in the defense department? well, it's quite a range. what is it? it's between a million and 10 million. that is a hell of a range. obama care, call it

the peter g peterson foundation fiscal summit in 2012 where they try to figure out how to rob the middle class and give all the money to the rich, he decides he will pick another debt ceiling fight, and we'll raise the debt ceiling toward the end of this year. here we go again. >> my principle of cuts and reforms is greater than the debt limit increase. yes, by allowing america to default on its debt would be irresponsible. but it would be more irresponsible to raise the debt ceiling without taking dramatic steps to reduce spending and reform the budget process. >> cenk: here we go again. the question of timing is going to be before the election or after the election. we're going to get back into this mess. i don't think it went well for the democrats the last time around, but we'll have a discussion about that in just a minute. meanwhile, president obama's italian deli in washington, d.c. called tailor gourmet, they asked what he's going to do? oh, yeah i'm going to kick it and shove it down their throats? not exactly. >> we'll help to sustain the economy. there will be more than enough

height welterweight champion lamont peterson has been turned down for a license to box in nevada and his may 19th title rematch against a mirror kahn in vegas canceled. peterir kahn in vegas canceled. peterson tested positive in march for the presence of an anabolic steroid. he had a pellet containing testosterone inserted in his hip while training for kahn. the first fight could be invalidated and he will likely be stripped ofly titles. >>> were you worried about john -- of his titles. >>> were you worried about john beck? the houston texans agreed to a contract with the former redskins quarterback. he's alive and well and living in south texas. i'm dave feldman. brian is back with more of the edge right after this. >> the verizon 4g lte sports desk brought to you by verizon 4g lte. droid does. and does it launch apps by voice while learning your voice ? launch cab4me. droid does. keep left at the fork. does it do turn-by-turn navigation ? droid does. with verizon, america's largest 4glte network and motorola, whatever you want to do... droid does. got my bearings. ♪ a little bird told me about a band. ♪ an old man shared some fish stories. ♪ ooh, my turn

that's what happened there one person put money in the water for peterson did what if we could demonstrate that. i actually i think you know peter de fazio house race is the great illustration here's a guy who's been a congressman for a couple of decades he's well liked and appreciated in his district there's a right wing crackpot who lives on a compound out the middle of nowhere who claims that he has invented the housing insulation made out of radioactive waste from nuclear power plants that will keep all of us warm and exposure to low levels of radiation is good for us homeschooled his kids because he believes that all public education is a crime and should be done away with nobody ever took our robinson seriously i lived in. he was this crackpot a couple of wall street billionaires because peter de fazio called for attacks on you know to end the tax break for hedge fund managers these two wall street billionaires come in and fund our robinson to the point where he came within a couple of points of beating peter de fazio last year and he's running against him this year he's going to have even more money so when you start draw

peterson, in a coalition and a lot of people are saying the fiscal policy is insane. >> yes. >> rose: because of the debt, because of the deficit and they look back, and -- >> well, pete peter on is prophetic, he wrote a book in 1993 and he described exactly where we are today and what is getting ready to happen to us. >> rose: and said we won't do anything about it. >> yeah. and i actually read his book when i ran for the senate the first time, and i carried it everywhere i was, and i told the people of oklahoma, i will not bring one thing home to oklahoma until we have solved the problems in washington. >> rose: give me a coalition of people who really have this -- are you and bowls on the same page. >> where. >> rose: you and walker. >> yes. >> you and pete peterson? >> yes. >> how would you characterize this -- why -- >> those people see the big picture, the disease, and they are not clouded by the politics of it. >> they are not clouded they are looking at where america stands today, and this tremendous weight that has been put around our neck and we are out on the plank, and we are not very far from where the point where the board breaks. >> rose: david brooks had a c