Revenue or Spending Problem?
Parties butt heads on debt ceiling decisions
- Duration 4:56
- Date Jul 6, 2011
Parties butt heads on debt ceiling decisions
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Actor Brad Blake when you must've read in the New York Times the op -- by David Brooks yesterday.
Which basically said if Republicans continue.
To be adamant in this stance of of -- measurable increase in revenue.
Nonsense it's called standing on principle this is deja Vu all over again remember in 1988.
Then candidate President Bush the first said read my lips no new taxes that he becomes president 1990 get suckered into a deal.
We Democrats breaks his pledge with eighteen months to go.
To -- reelect.
And he and he gets defeated you know we have -- -- about fourteen months to -- reelect.
And Republicans need to stand on principle we're gonna be suckered in to raising taxes because we don't see the problem is a revenue problem we see it as a spending problem and that's working right.
-- have the greatest problem semantics really brat because when he.
People say raising taxes raising debt which -- really doing is increasing revenue by closing loopholes yes that does happen that -- fact.
Of making people like General Electric and world -- actually pay taxes instead of -- -- out.
It's about raising rates that's what the Democrats wanna do you know heard they go back -- -- -- and everybody.
Everybody making over -- -- 50000 dollars has the patent war -- theory is Robin Hood.
Economics you take from the rich give to the -- if you tax the rich a 100% we couldn't get out of the mess -- it.
It is true what Brad says Janice that that they at the White House and Democrats have talked a lot about raising rates they would like to get rid of what President Bush agreed -- President Obama -- to the bush.
Tax rate continuance last December.
But there are also talking about well.
Maybe if we clues these loopholes that'll be enough to satisfy higher -- Right I don't know what the specific proposal on the table is right now -- I don't know if rates is part of it but certainly the Democrats have talked about raises -- rates.
Which may or may not need to be done.
And certainly maybe shouldn't be done in the middle of an economic crisis and closing -- of the -- tax code needs to be looked at from agency.
But if either party has so club non negotiable principles lots of -- I mean I think it's great for the Democrats if the Republicans decide to -- non negotiable.
Principles they're gonna shut down full faith and credit they're gonna ruin the economy.
I'm and a lot of it had not winning the next election if you look -- lot of nonsense words yet -- It has I didn't -- -- up let's not infinite.
Well so -- what is offense and we're not.
Democrats Democrats have to realize.
It takes two to tango and -- I'm telling you I think there's room for compromise.
For sure our little poll what's the your ability to compromise see all I've heard Brad is -- it's our way or the highway -- I know I I don't know which -- way or the highway once or call eight reminds on the on the part of the GOP I I think you'll you'll see if the president is is acting in good faith.
That if they have serious spending cuts I believe that some of these loopholes in in taxes will be agreed to by the GOP but that's up to negotiation based.
On spending and I think who are Republicans will go when there.
Listening to Democrats and and hopefully they'll do the same and I think a compromise can be had.
But if it's very complicated as -- said the tax code is an invitation for lawsuits and delay.
I believe the whole thing should be scrapped too but there doesn't seem to be will at this time to do it so you have to have a fix of some key.
Janice we're beginning to find out that some of these proposed.
Tax cuts up to a trillion dollars.
Are fairly ephemeral not tax rescues -- spending cuts are fairly ephemeral because they don't take place -- 2014.
How meaningful is that really.
They don't take place and they don't cut that -- know I mean everything keeps getting back to the fact.
That the federal budget that the three big nights are Social Security Medicare and defense so I I don't know that a few.
Corporate jets are gonna save the economy.
No would be less then.
What about that that the White House seems to be talking now about entitlements that they're willing to look at that an address that.
We -- that.
I think is a great idea I think.
That both Republicans and Democrats.
I've come up with a new English word is called being a -- and America's problem is we live in the moment and great societies provide for the moment the plan for the future.
And if we're going to have.
They -- society like we have today that we better start thinking about the future and tackling entitlements Republicans and Democrats.
Must work together for Medicare Medicaid and the military budget Social Security.
These are legacy cost that are that are doing great damage.
Not only to be here now but our future.