Alan Simpson Warns of Failed Presidency if Obama Doesn't Deal With Entitlements "Honestly"

Former senator co-chaired President Obama's deficit-reduction commission

One of the leaders of President Obama's discarded deficit-reduction commission warned Tuesday that Obama "will have a failed presidency" unless he deals "honestly" with entitlements, as he and his Democratic counterpart pushed Washington to once again come up with a bigger and better fiscal deal. 

Former Republican Sen. Alan Simpson warned that programs like Medicare and Social Security must be dealt with in order to get the country on a sustainable path.