Why these two economists agree that deficits matter

Arthur Laffer, who served on President Reagan's economic policy advisory board and is now Laffer Associates founder and chairman, and Bill Gale, former CEA senior economist during the first Bush administration and current Brookings Institution senior fellow, co-director of the Tax Policy Center, join "Squawk Box" to discuss the nuances of the U.S. deficits. They are joined by CNBC's senior economics reporter Steve Liesman and real estate mogul Sam Zell.