Briefly, I think there is going to be an attempt to do both. One of the things about the next couple of years is there will have to be compromises between the White House and the Republican Congress if anything is going to be done. With the power, the veto, plus the ability to divide even a united Republican caucus, there are lots of members you could peel off on spending issues, so I think it's going to be a struggle and we'll be able to move forward only by compromise. We'll probably have some deficit reduction, but we'll also have to continue to constrain defence spending and entitlement spending just to make it through the next couple of years.
On December 4th, 2014. See this statement in context.