concerned that looming spending cuts will cause significant harm to the economy this year. The fact is, a dollar ten years from now is worth about 61 cents today if the interest rate is 5 percent. Smart cuts will

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lower the spending trajectory, and reap huge benefits far down the road. Given the way Washington talks about spending, that creates a political opportunity. Trade spending cuts in the future for spending cuts today, and do so at a rate that is at least 2 for 1. That will reduce the harm to the economy from a rapid reduction in spending, and provide you with an opportunity to be a statesman and give the Republicans more cuts without sacrificing your beliefs.