America's deficit is shrinking.

[Swampy]

That's pretty impressive, and it's due to tax rises and spending cuts. I'm a Reagan Republican, so I don't like tax hikes, but, if it raises revenues, that may be a good thing.

Problem is, tax hikes and spending cuts now aren't good, because we have a struggling recovery. But the US has to cut back, especially as the boomers retire and collect pensions. So I remain ambivalent.

[mcnoch]

But one day you have to start and surprisingly it is easier to sell the people that you have to do it when you are in a crisis than when it is party-time. The same is happening in Europe.