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(Studio: Scott Pelley) The rise in the stock market due to optimism that President Obama and Congress will reach a compromise on the federal budget reported. Interview held with Goldman Sachs CEO Lloyd Blankfein on how to reduce the federal budget. [BLANKFEIN - says Social Security wasn't devised to be a system that supported you for a 30-year retirement after a 25-year career; says entitlements have to be slowed down and contained because we can’t afford them; calls for more taxes on wealthier people to the extent that we need to raise more revenue; explains why we can’t cut our way out of the deficit.]
- Pelley, Scott
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