Simpson-Bowles Offer Provocative Plan to Cut Deficit

"It's time to lay it out on the table and let the American people start to chew on it," says former Republican Senator Alan Simpson, who co-chairs President Obama's bipartisan commission on reducing the national debt. Among the proposals are deep cuts in domestic and military spending, an increase in the gas tax, elimination of tax breaks, lower Social Security benefits and an increased retirement age. Kevin Hall is national economics correspondent with McClatchy Newspapers.