Senator Alan Simpson on the Deficit Cutting "Stink-Bomb" in Congress' Garden Party!

­Welcome to Capital Account. Simpson-Bowles, Obama's bipartisan deficit commission of 2010, has become a political football in the Presidential race. In attempts to score political points Mitt Romney, Paul Ryan, and Joe Biden have flung it around in recent speeches and interviews. We talk to Former Republican Senator and co-chair of the Simpson-Bowles commission, Alan Simpson about how he and his co-chair propose to fix the deficit.

Plus there is more evidence the US economy is slowing down as the August US housing starts number was below analysts' expectations. Also mortgage lending in 2011 declined to its lowest level in 16 years, according to a report from Federal regulators. Moreover, FedEx, an economic bellwether, cut its global growth forecast. How do you sell US deficit reduction as a top priority in this environment? We talk to Alan Simpson about the US national debt and the fiscal cliff.

And the UK city of Bristol launched its own coinage and it has become the UK's largest alternative to sterling. Lauren and Demetri talk about alternative currencies in today's episode of Loose Change.

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