More defined goals and a longer timeframe are need to reduce spending and shrink the current U.S. deficit, Travelers Insurance Chief Executive Jay Fishman said.
"The notion that we’re going to somehow fix this…by 2020 is really kind of silly," he told CNBC Tuesday. "We need a timeframe that’s far more than that, and we’ve got to have much more articulated goals."
The Travelers executive said there are "a lot of solutions out there" although he has his doubts about Rep. Paul Ryan's deficit plan.
"We’re talking about making changes 10 years from now. If we’ve taken every cost we have and converted it into a fixed cost where nothing can be changed, then we’ve really got some substantive challenges," he said.