Embedded Player Linda Wertheimer talks with Rudy Penner, Senior Fellow at the Urban Institute and co-author of Updating America's Social Contract, about how realistic the federal budget projections -- and therefore the Bush plans for tax cuts -- are. Penner was Director of the United States Congressional Budget Office from 1983 to 1987, and Chief Economist of the White House Office of Management and Budget under President Gerald Ford. (5:00)

Updating America's Social Contract, co-authored by Rudy Penner, is published by W.W. Norton, July 2000.