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Cliff, you need to address the drivers of our debt. >> we know that the only way we can solve our long-term debt and deficit problem is to fix the unsustainable growth rates of our very popular entitlement programs. the president has from time to time indicated an openness to that. now is the time to actually do it. >> 42 business groups sent a letter to leaders of congress asking them to do tax reform to lower tax rates and also address entitlement reforms. >> shepard: democrats say they want more revenue, more taxes here. what about entitlement changes? >> well, any time you start talking ab...

He get to 60 votes. if he has a balanced package he is. he's going to get republicans and democrats. the harrer part is in the house. can he convince john boehner to say i'll take the majority of the house -- >> and behind the crazy people. >> once bitten, twice shy. a remembrance on the part of the left what happened during the last grand bargain and the president put it on the table and it fell apart. >> the president had managed, going through nancy pelosi and reid, to keep the democrats more or less in line on the grand bargain even though there was grumbling about the entitlement changes....

Debt? >> it's a complicated one to answer. i think there are some folks -- i think the president himself believes he's going to have to cut a deal. despite what democrats say, they know they're going to put entitlement changes on the table. we're going to raise the retirement age of medicare, might fold parts of medicare into one, so you can get efficiencies. that will be on the table. there's going to be cuts. and i don't think it's a mystery about how big the tax increase is going to be. john boehner says 800 billion, the president puts down a $1.6 trillion marker. doesn't take einstein to f...

We have a clear program that we are going to be serious about deficit reduction, and we have to do it in a balanced way. the only question is are we going to pull the middle-class hostage in order to go ahead and let that happen? or can we all step back and say, here is something we agree on. we don't want the middle-class taxes to go up. let's go ahead and lock them in. that will be good for the economy. it will be good for consumers. it will be good for businesses. it takes the edge off the fiscal cliff. let's also then commit ourselves to the broader package of deficit reduction. that inclu...

bowles. they did figure it out. the recommendations, however, were never implemented. can they be revived? later in the show, the presidential race. how much will same-sex marriage, private equity, and contraception have to do who is elected in november, or is it all about the economy? i've got a great panel. the "wall street journal's" peggy noonan, ross of the "new york times", and more. also, moving a capital to increase your political capital. should russia build a new kremlin 4,000 miles to the east? i'll explain. first, here's my take. there's much speculation these days ...