>> does some of the conversation change as well, josh, because the nation's deficit has been cut in half since the president took office. we just got word that the nation's deficit is below $1 trillion for the first time in five years. does that in any way change the conversation? >> i think it does. the congressional budget office says that debt as a share of gdp will be flat for the next decade. why would we have a grand bargain? there's no need for a further deficit reduction. republicans don't want the tax increase. democrats don't want entitlement cut asks why would they get together to reduce the deficit? the one thing that's motivating toward a grand bargain is that democrats dislike the sequestration cuts and would like to unwind them, but i don't think they can reach a deal to unwind very much of them because they would have to -- in order to offset them they would have to raise taxes or cut entitlements and people if they hate the sequester, they don't hate the sequester to cut the entitlements. you might sell off federal-owned