In this interview, he says we have to control how much we spend on entitlements and at the same time we will have to tax the super rich in order to control our debt. He said when the economy is good government should work on reducing its taxes. He was against the Bush tax cuts and unfunded wars during his tenure, which he thinks are the prime factors in driving U.S. debt to these high levels. He also believes that this is not the time to balance budgets (this economy) as that will throw the U.S. into a bigger hole.
Here is the video: