Adm. Michael Mullen, former chairman of the Joint Chiefs of Staff, recently said, "the most significant threat to our national security is our debt." But it's more than that; the debt we are leaving our children and grandchildren is simply wrong. We have no right to spend the money and leave them to pay the bills. I have been impressed with the Simpson-Bowles and Domenici-Rivlin efforts to look at deficit and debt solutions. I have also spoken with Erskine Bowles to better understand these recommendations. This I know: we must cut spending in an intelligent way, simplify the tax, reduce tax rates and eliminate most loopholes. Such a combination can put us on a trajectory toward serious and substantial deficit reduction in the near term. We owe that to our children and grandchildren.