they sounded the alarm one week ago, but it wasn t what congress wanted to hear. the two men who share a presidential commission on cutting red ink in washington, called for drastic measures that included reducing social security payments and raising the retirement age. and here s why: this year s federal deficit is close to $1.5 trillion. years of out-of-control spending have caused the national debt to soar. it now approaches $14 trillion. that works out to about $45,000 per person. today nancy cordes spoke with the commission chairmen who have a frank warning for congress and for all of us. this baby is lying there like a big stink bomb. reporter: after ten months of searching for ways to eradicate the debt, republican alan simpson and democrat erskine bowles are convinced the nation is approaching a crisis point. we can t grow our way out of this problem. we can t tax our way out of this problem. we can t even just cut our way out of this problem. reporter: bowles
couric: good evening, everyone. they sounded the alarm one week ago, but it wasn t what congress wanted to hear. the two men who shared a presidential commission on cutting red ink in wch called for drastic measures that included reducing social security payments and raising the retirement age. and here s why this year s federal deficit is close to $1.5 trillion. years of out-of-control spending have caused the national debt to soar. it now approaches $14 trillion. that works out to about $45,000 per person. today nancy cordes spoke with the commission chair men who have a frank warning for congress and for all of us. this baby is lying there like a big stink bomb. reporter: after 10 months of searching for ways to eradicate the debt, republican alan simpson and democrat erskine bowles are convinced the nation is approaching a crisis point. we can t grow our way out of this problem. we can t tax our way out of this problem. we can t even just cut our way out of this