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Extension to be paid for. would you take that principle to other issues, for example, there's talk, of course, among republicans that the bush tax cuts for the wealthiest of americans should be extended. but it sounds like there's not necessarily a plan to pay for those. would you draw the line there? >> well, let's understand what the bigger picture is and it's about the debt. how do you pay the debt off? you won't be cutting spending. you have to have entitlement reform and grow your economy. you need growth to pay down the debt and then the discipline to take the revenues from that growth a...

It's not. your house, my house, it's not. until you accumulate so much there is no way you can pay it off. but we're going to create a green economy that is going to pay this debt off. $12.9 trillion, america's debt right now. $107 trillion in unfunded liabilities. to add it up is $ $$119.9 trillion. how do we pay it off? stick it to the rich! the rich is 1%. they're not paying their fair share. mm-hmm. i know. in 2007, how many taxpayers were there? 96.4 million taxpayers. that's how people are paying taxes. so, how much would we have to have these people pay to be able to pay this off? how m...

It's not. your house, my house, it's not. until you accumulate so much there is no way you can pay it off. but we're going to create a green economy that is going to pay this debt off. $12.9 trillion, america's debt right now. $107 trillion in unfunded liabilities. to add it up is $ $$119.9 trillion. how do we pay it off? stick it to the rich! the rich is 1%. they're not paying their fair share. mm-hmm. i know. in 2007, how many taxpayers were there? 96.4 million taxpayers. that's how people are paying taxes. so, how much would we have to have these people pay to be able to pay this off? how m...

There is a demand for capital on global basis. china has it. asia has it. we don't. if countries need capital like greece or portugal or spain or the u.s., we have 200 debt options per yeyear. we have to compete for capital. rates can't say where they are now. we could see a ratcheting up of interest rate as, which will, could implode the bond market. the debt market this may mean ultimately where it wind up. if you can't pay the debt off. what do you inevitably have to do? you got to write it off. >> that won't happen. >> then you get spontaneous writedown of global debt under crisis.

There is a demand for capital on global basis. china has it. asia has it. we don't. if countries need capital like greece or portugal or spain or the u.s., we have 200 debt options per yeyear. we have to compete for capital. rates can't say where they are now. we could see a ratcheting up of interest rate as, which will, could implode the bond market. the debt market this may mean ultimately where it wind up. if you can't pay the debt off. what do you inevitably have to do? you got to write it off. >> that won't happen. >> then you get spontaneous writedown of global debt under crisis.