Obama, this morning, signed an executive order creating the commission, which will be tasked with trying to reduce the deficit -- no easy task.
         BRIAN WILLIAMS:
Erskine, I'll give you the first question. What does it say that the co-chairs I'm looking at, neither of whom are running for anything nor hope to in the near future?
         ERSKINE BOWLES:
I think it says we're serious about this. I think we're gonna be really good partners. And I think that because we're not concerned about reelection, we're only concerned about getting the facts on the table, that we got a really good chance.
         BRIAN WILLIAMS:
And we're-- Senator Simpson--
         ALAN SIMPSON:
Go ahead. No, I mean, we're gonna take a lot of guff. He'll get a lot of guff from his party--
         ERSKINE BOWLES:
Yeah.
         ALAN SIMPSON:
I'll get a lot of guff from mine. I've already been accused of being the toadie here and the token Republican and all that stuff, but both of us are in this, not as a stocking horse for taxes or stocking horse for this. We're a stocking horse for our grandchildren, his seven and my six. And that sounds corny, but let me tell you. This is big time stuff.
         BRIAN WILLIAMS:
Senator Simpson, it's been said this ought to be on the scale of a Marshall plan, but we don't have a war to point to or an Apollo program. And we don't have a rocket to point to. How do you get people who are worried about jobs and health care-- to be outraged about this? How do you get people energized in this cause?
         ALAN SIMPSON:
I-- I think, Brian, we're not out to get outrage from them. We're out to get education for them. And what they-- what they have to know is that whatever their favorite-- their-- their-- their-- their most wonderful, passionate thing they love in discretionary spending, the children, this and that and all that is nothing with this engine coming down the track with no rudder and no breaks. While they do nothing, this thing just sucks it all up and that's where we're headed.
         ERSKINE BOWLES:
And if they're worried about jobs, Brian, you know, if this national debt continues to grow, there'll be fewer and fewer dollars available for the private sector for those small businesses to create jobs. So this is a big deal we have to set, and we have to go after now.
         BRIAN WILLIAMS:
How do you get the parties off the dime? You know the lines in the sand that both parties have set. The Democrats, "This is an oversimplification." The Democrats don't want to touch entitlement spending. The Republicans don't want to touch taxes. This is gonna take a little bit or a lot from everybody.
         ERSKINE BOWLES:
I think the good thing is, the president started today by saying everything's on the table, and everything means everything.
         ALAN SIMPSON:
And the other thing is is that I didn't know whether the Republican leadership was going to appoint, but I talked to John Boehner and-- and Mitch McConnell and they both were cordial and-- and they're both going to appoint. They're gonna appoint from each of their bodies- three people. It's an 18-member commission. And I think that's a real step. There was talk that they weren't-- somebody would say, "They're not gonna appoint. It'll never work. The president'll have to appoint Republicans from outside the Congress." But they're players, and that's all we ask. We don't care who the players are. I hope it's Judd Gregg-- and Kent Conrad, one a Democrat, one a Republican. That'd be good starters.
         BRIAN WILLIAMS:
And Senator Simpson, you-- said a quote not long ago that's already-- become quite famous. "There isn't a single member of Congress, no one, who doesn't know where this is headed." When people hear that, that sure sounds like-- a lack of courage, if everybody knows what's happening here.
         ALAN SIMPSON:
Well, it's called politics. And you can't have democracy without politics and-- so you work through it and-- and hope for the bigger thing, which is democracy. You-- you can't blame people. I never did. You-- you can't-- hinder them for their own district, but there is certain hypocrisy here by people who are saying, "Deficits first, spending first." And then you find they've got these things in their own district, which are of a higher order, way in the vapors, you know. I know how that works.
         BRIAN WILLIAMS:
But senator, think of how politics has changed. Let me throw out a few names. Bob Michel, Mac Mathias, Alan Simpson. Where are they all today?
         ALAN SIMPSON:
Well, some are dead, but I (LAUGHTER)-- no, I'll tell you where they are. They-- a lot of them left. I-- I was in there with Bill Bradley, Nancy Kassebaum, Bill Cohen, Dave Pryor. These are wonderful people, friends. We were friends. We didn't hack on each other, but we all left. I think that we've lost the-- the-- the-- the wonderful association of friendship and trust. Trust is the coin of the realm.
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Ted Kennedy and I worked on stuff. I didn't judge him or his life. But when we shook hands or agreed, we kept our word. That has to come back. If Erskine and I can bring nothing to it, it would hopefully be trust and some good humor and say, "Hey, pal, bitch and whine and snort all you want. But this is-- this is the big-- this is it."
         BRIAN WILLIAMS:
Erskine Bowles, how do you get people to pay attention to this commission? I'm thinking most recently of the findings of the 9/11 commission, which I think if most Americans read it-- sat down, read it start to finish, would still come as something as a surprise to them.
         ERSKINE BOWLES:
Yeah, I think the great thing is to put the facts on the table, to take the myths out. I mean, if you just get rid of foreign aid, you can balance the budget, if you just get rid of waste, fraud and abuse. You know, we've got to talk about the facts. And I think Alan and I are willing to put the facts up there, no matter how painful they may be, and expose 'em to the American people. And they're pretty smart. They'll get it.
         ALAN SIMPSON:
Oh, that's it. The American people are smarter than their politicians--
         ERSKINE BOWLES:
Yeah.
         ALAN SIMPSON:
--and that's-- this thing up in Massachusetts, it looks like a great Republican thing. Let me tell you. That's-- that's for a crack in the icecap. What they're saying up there is, "Look, both of you are goofy. Both the Democrats and the Republicans are goofy, but at this point, the-- one's a little goofier than the other."
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And this is-- this is bad business-- it can't go on. And-- and I don't know whether we can-- do anything more to ameliorate that hostility, but we think that with goodwill and trust and honesty and an overused word transparency, we will educate the people. And I'm with one of the great educators in American (LAUGHTER) right here.
         BRIAN WILLIAMS:
Final-- final question for both of you, Erskine first. Sum up how serious a problem this is, when you look at-- children and grandchildren's futures in the United States. How do you put this in terms of urgency?
         ERSKINE BOWLES:
Critical, urgent, not sustainable. I'll be darned if I'm gonna sit by and leave this burden on my grandkids.
         ALAN SIMPSON:
I'm looking around this-- --looking around this room, and a wonderful bunch of young people who at the age of 65, if we don't do something, will be picking grit with the chickens.