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In order to reduce the deficit, there has to be revenue in addition to cuts.

Unfortunately the Republican tax cut will deny important revenues to many states facing their own deficits. This will create greater pressure for higher state and local taxes.

Well, a deficit reflects an imbalance between spending and revenue, and so narrowing it requires acting on one, the other or both.

While the deficit and debt are serious problems, I oppose solving these problems by raising taxes.

Let's be clear: raising taxes during a very slow recovery is likely to lead to another recession, and it will do absolutely nothing to balance the budget.

If you raise taxes on millionaires and billionaires, you'll do nothing to address the debt and the deficit. And the thing you might do is you might finally put this economy over another cliff. These millionaires and billionaires are the folks that try to create jobs and help grow the economy.

We can have tax cuts, but when we have tax cuts and do not have a surplus, the amount of the tax cut goes straight to the bottom line, adds to the deficit, and the deficit adds to the national debt, and sooner or later, the debt has to be paid.

If people want capital gains taxed more like the highest rate on income, that's a good discussion. Maybe that's the way to help close the deficit.

Here's the problem if you keep raising tax rates: You slow down economic growth.

Higher taxes is the road to ruin. We must and we will shrink our government, and that means making some tough choices, tightening our belts.