Ex-Aide Stresses Urgency on US Debt

3:40 AM ET Mon, 4 July 2011

"We've done this brinkmanship time and time again and what really has to happen and one would think things are serious enough now, not just in America but in the world, that the politicians would come to grips with what's necessary, which is some combination of tax reform, spending cuts and some sort of stimulus that isn't money," Mary Jo Jacobi former assistant secretary of commerce and special assistant to the President Reagan told CNBC Monday.