(CHAPEL HILL) -- With Democrats and Republicans shopping their own options about how to remedy the debt crisis, Senator Kay Hagan hosted a discussion with budget leaders at the UNC Kenan-Flagler Business School. The forum focused on America's fiscal future.

Senator Hagan said one option that should be examined is reforming the tax codes. "Right now we collect $1 trillion of revenue from taxes, but we have $1.3 trillion in really mandatory spending because we've got so many loopholes and so many credits.  We need to take a serious look at those, cut those," said Hagan.

The forum was moderate by PBS host and Oxford-native Charlie Rose.