This year's federal budget deficit is projected to reach $477 billion. A panel talks about the new numbers from the Congressional Budget Office, why the debt is growing, and the debate over its significance.
senior fellow, Brookings Institution,
vice chair, Board of Governors, Federal Reserve System (1996-99);
director, White House Office of Management and Budget (1994-96); and founding director, Congressional Budget Office (1975-83).
chief economist at BusinessWeek magazine and author of the forthcoming book "Rational Exuberance" (Harper Business)