 Unfortunately, the President didn't focus really at all on the debt in his State of the Union speech, which is unfortunate because that's one of our nation's most pressing issues right now. And one way or another, we're going to have to find a way to deal with our medium and long-term national debt over the next year. In the coming year, what we're going to see is this trigger go off and cut spending programs across the board, and we're going to see all these tax cuts expire. And we have to do something before then. The President's speech, unfortunately, was absent of really much discussion of how we would address the debt or even an emphasis on how and why we need to. The President did focus on the area of tax reform, particularly on how to get more revenue out of high earners and out of corporations that, quote, unquote, ship their jobs overseas. But unfortunately, that's not enough, particularly when the President was also talking about all sorts of tax cuts. Tax cuts for the middle class, tax cuts for people making below $250,000, tax cuts for manufacturers. We can't really afford to continue to give out these tax cuts and not start asking people for some shared sacrifice. So what the President did in his speech was talk about sort of what he calls a Buffett rule, basically that everyone making above a million dollars should pay at least an average tax rate of 30 percent. And depending on how that's implemented, that could raise a good share of revenue. And I even think that if we spend enough time working on it, we can do it in a pretty efficient way. But the bottom line is we're not going to be able to reform the tax code in a way that only millionaires are going to be able to solve our entire deficit problem. And we're not going to be able to avoid dealing with our entitlement programs, Social Security, Medicare, Medicaid. And unfortunately, there was really no discussion of these programs in the President's speech either. Well, I think there was one good piece of the President's speech, which is that he kind of kept himself open to the type of deal that he tried to make with Speaker Boehner during the debt ceiling, where there would be tax increases on wealthy earners on the one hand and entitlement cuts on the other hand. It was unfortunate that we couldn't get a deal done during the debt ceiling debate. It was really a failure of government. Everyone knows what the solutions are. Everyone knows the hard choices we're going to have to make. And the fact that two parties couldn't come together and reach an agreement was a failure. I am hopeful. The President did not close himself off to shooting for a similar deal this year. So I still remain hopeful that one can be reached. Well, it doesn't take a political scientist to understand that people don't like to be told their taxes are going to go up and their government services are going to go down. So during an election, I very much expect both the candidates or all the candidates to be focusing on the sweeteners. What can we give to people as opposed to the vegetables? What do we need the people to do for the good of the country? I think we're going to see more of that. And that's one of the unfortunate things about an election is it takes options off the table. It makes reaching this deal more difficult. I would have hoped I thought that Mitch Daniels' speech after the President's really did focus on some of the important issues, cutting deductions in the tax code to reform it, getting Medicare and Social Security under control. Unfortunately, in the campaign trail, the Republicans are making all sorts of new and grandiose promises about how much they can cut taxes and how much they can otherwise give various breaks to people, and we can't afford that.