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American people elected me to do was to put forward a balanced approach, to make sure that there's shared sacrifice. >> so to both of you, mr. bowles first, what would you specifically call on the president to do on medicare that he's been unwilling to do heretofore? >> first of all, david, if you look at the combination of what was done in the budget control act, the cuts there, and in this cliff deal, it's about half of what we need to do in order to fix our debt problem. we've got about $1.6 trillion in spending we've got to do and about $1.6 billion of revenue we've got to get by broadenin...

Billion worth of revenue we've got to get from simplifying the code and wiping out this back door spending in the tax code. what would i do on health care? >> medicare. >> we're going to have to reduce health care spending on medicare by about $500 billion to $600 billion in the next 10 years. you'll have to do it in some of the ways that mitch mcconnell talked about. look at some kind of cost sharing, some kind of means testing. you're going to have to look at age. you're going to have to look at lowering the price we pay the drug companies for drugs. look at paying for quality instead of qua...

World's most complex tax code. the federal code plus irs rulings is now 70,000 pages long. the code itself is 16,000 pages. the state of france has a tax code of 1,109 pages. you have to understand that complexity equals corruption. for those who despair at the role of money in politics, the simplest way to get the corruption out of washington is to remove the surprise that members of congress give away, preferential tax treatment, a flatter tax code with almost no exemptions does that. >> it needs to be simpler, fairer, more competitive, and generate adequate revenue. we have $1.1 trillion in...