simply can't keep raising the age, and he knows it.

STEPHANOPOULOS: I want to move on to another subject, but, quickly, Senator Durbin, you praised Senator Graham right there because he was open to more revenues. Do you think that capping deductions is the answer? Or will there actually have to be an increase in tax rates for the wealthy?

"Or even (gulp!) people like me, George Stephanopoulos? Do you have any idea how much it costs to put kids through Sidwell Friends?"

DURBIN: No, I think the top rate needs to go up, and that's where I may disagree with my friend, Lindsey Graham. Remember, during the course of the presidential debate, how many times the president turns to Mitt Romney and said, well, do the arithmetic. How in the world are you going to reduce deductions and generate enough revenue for meaningful deficit reduction? He could never answer the question, because there is no reasonable answer to it. Let the rates go up to 39 percent. Let us also take a look at the deductions. Let's make sure that revenue is an integral part of deficit reduction.

And, yes, from my side of the table, bring entitlement reform into the conversation. Social Security, set aside. Doesn't add to the deficit. But when it comes to Medicare and Medicaid, protect the integrity of the program, but give it solvency for more and more years.