Page 18 - Deficit Problem News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Dramas. but the house republicans, many of them have talked about doing precisely that. you know, people like paul ryan, john boehner, they say we're not going to increase the debt -- the debt limit for nothing. what do you say to them? >> you know, i would say to them what i would say in private, what i would say publicly is the same thing. they know they can't go back to where they were in 2011. it was a terrible thing for the economy. the world has changed since 2011. in 2011 we hadn't done a great deal of deficit reduction. at this point if you look at with all the noise and all the messin...

Place. i agree. this is a political solution to a problem that barely exists, frankly. there are people -- >> wait, wait. back up. when you say barely exists, you saying people going over the border -- >> "the wall street journal" had an editorial on this calling it the border security ruse. our border is safe as it's been in decades, that legal entries are at an all-time low practically. i also happen to be in the camp i think we need workers. i'm just not on board with this at all. but the point is what we're hearing about how we have a deficit problem all the time and now they want billions...

>> anyway -- in the fall of 2005, we had inadequately responded to it, it had taken hold and damaged the president's credibility. president obama will have the same kind of outcome if he has an inappropriate or ineffective response to this, we need our president, particularly when our economy is in a weak position, when we have this huge deficit problem, we have to attacken tig entitlements. unless he does something, this slide will continue. when this poll came out that had these numbers -- >> bad numbers. >> my first reaction was, that's one poll. since then i've talked to a number of pollst...

>> anyway -- in the fall of 2005, we had inadequately responded to it, it had taken hold and damaged the president's credibility. president obama will have the same kind of outcome if he has an inappropriate or ineffective response to this, we need our president, particularly when our economy is in a weak position, when we have this huge deficit problem, we have to attacken tig entitlements. unless he does something, this slide will continue. when this poll came out that had these numbers -- >> bad numbers. >> my first reaction was, that's one poll. since then i've talked to a number of pollst...

-free is good. -free is very good. [ male announcer ] now get 50% off brake pads and shoes at meineke. is america's deficit problem so bad? well, not any more at least, not for the next decade. the congressional budget predicts, they did it on tuesday, that in 2015 the deficit will be only 2.1% of gdp, that's down from 4% this year, 7% last year and a high of 10% in 2009. so, should we celebrate? joining me are glenn hubbard, the dean of the columbia business school chief economic adviser to the romney campaign and also the co-author of a fascinating new book "balance the economics of great ...