Simpson and Bowles Rip Obama on Entitlement Spending

This is from Meet the Press Sunday. The top men on the president's debt commission, former Sen. Alan Simpson (R) and former Clinton chief of staff Erskine Bowles rip President Obama for failing to pay any attention to the entitlement spending crisis. Bowles call for reforming the tax code and reducing entitlement spending. Simpson colorfully describes the US as the "healthiest horse in the glue factory" compared to other national economies around the world. Simpson also notes that their commission achieved something that President Obama has yet to pull off: bipartisan support.

The president formed the Simpson-Bowles commission to take a look at the nation's spending problem, before ignoring their recommendations out of hand. Now he says we have no spending problem at all.