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Government take on debt and deficits as we try to work our way out of this recession? if you didn't have to get republicans to go along with you or democrats to go along with you. what would you recommend we do, and when would we start it, and what would be the combination of elements that you would use to move us out of the deficit and debt position we're in now? >> well, the answer to when we would start it would be about 10 years ago, but we don't have that option. we're here now. and we have a large and growing debt. i don't think there is an ideal answer. it takes a lot of different thing...

Government take on debt and deficits as we try to work our way out of this recession? if you didn't have to get republicans to go along with you or democrats to go along with you. what would you recommend we do, and when would we start it, and what would be the combination of elements that you would use to move us out of the deficit and debt position we're in now? >> well, the answer to when we would start it would be about 10 years ago, but we don't have that option. we're here now. and we have a large and growing debt. i don't think there is an ideal answer. it takes a lot of different thing...

This debt position at a town hall in reno, nevada, today. >> we had a surplus a decade ago. but we cut taxes. including for millionaires and billionaires. we fought two wars. we created new prescription drug plan, and we didn't pay for any of it. a lot of folks promised us a free lunch. >> as the bush administration was running up the debt, vice president dick cheney actually said, quote, reagan taught us deficits don't matter. joining me now is dr. alice riff rivlin, the founding director of the congressional budget office, and a winner of both the mcarthur prize and the moynihan prize. thank...

But president obama told the full story of how we got into this debt position at a town hall in reno, nevada, today. >> we had a surplus a decade ago. but we cut taxes. including for millionaires and billionaires. we fought two wars. we created new prescription drug plan, and we didn't pay for any of it. a lot of folks promised us a free lunch. >> as the bush administration was running up the debt, vice president dick cheney actually said, quote, reagan taught us deficits don't matter. joining me now is dr. alice riff rivlin, the founding director of the congressional budget office, and a winn...

Our allies, you get a sense of unease here. and number four, bill, some states in america, notably california, are in the same debt position as some european countries. they're out of money. they're close to default and they will require a federal bailout. watch the price of gold, bill. that's a good indicator here. bill: it was up yesterday a couple of bucks, as i recall. >> yeah. bill: stu, does greece move to spain, does spain move to portugal, does all of that move here? >> yes, that's way over the horizon. the distant horizon, moving here. it is already moving to portugal, spain and italy...