Cold-turkey deficit reduction would cause a significant recession. A recent analysis by the Congressional Budget Office estimated that going headlong over the cliff would cause our gross domestic product, which has been growing at an annual rate of around 2 percent, to fall at a rate of 2.9 percent in the first half of 2013.

If you look at the studies coming out of the Congressional Budget Office, the number one thing that's going to blow a hole in the deficit as we go forward 20, 30 years is government spending on healthcare.

Tax increases appear to have a very large sustained and highly significant negative impact on output.

The stock market crash in October 1929 didn't destroy a particularly large amount of wealth or make people highly pessimistic. Rather, it made companies and consumers very unsure about future income, and so led them to stop spending as they waited for more information.

The heart of our relationship, this natural environment that has blessed us really all along the west coast of North America, on both sides of the border we've realized that this incredible natural wealth comes with a price.

The truth is, however rich people get, they hate paying tax. Some live abroad for a year, or years at a time just to avoid it. Bizarre really - desperate economic migrants are driven to leave their homeland because of poverty; tax exiles are driven overseas by their wealth.

What we need to do is replace the entire tax code. I do not think it makes sense to say, 'Let's just grab money from, quote, the wealthy'... The issue is the tax code's rotten and we should start truly over with a simple code that is fair and transparent.

After every fight, I knock myself down. I start from scratch again. I say, 'I'm not as good as I thought.' It makes you work harder. It makes you push harder. It's more than money. It's more than the title. It's my pride, and it can be scary thinking about it. I could lose. It's scary.