The Republican Chairman of the House Budget Committee made news recently when he announced that if Republicans are serious about fixing Washington D.C.'s finances, they'll have to talk about raising taxes. But with how fast deficit spending has accelerated, how much would tax rates have to increase to solve the problem? Which areas of federal spending need a second look? What is the trajectory of entitlement spending?

Host Veronique de Rugy sits down with Adam Michel to discuss America's finances and the growing realities we will face in the coming years.

Adam Michel is director of tax policy studies at the Cato Institute, where he focuses on analyzing the economic and budgetary effects of taxation in the United States. Adam has also served as deputy staff director at the U.S. Congress Joint Economic Committee, and as senior policy analyst at the Heritage Foundation.