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Breakdown of Democratic Budget Plan

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    Does consensus include tax increases?

  • Duration 3:08
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President Obama is calling Republican and democratic leaders to the White House tomorrow.

Hoping both sides can hash out a deal on America's debt limit before and August 2 deadline.

If the ceiling isn't raised that could -- US default adding to the mix Democrats on the Senate Budget Committee say they've reached consensus on a budget.

But they aren't ready to share details yet senator Ben Cardin -- Democrat of Maryland sits on that Budget Committee thank you for joining us senator.

-- my pleasure good to be with you what can you tell us about the democratic budget plan.

Well it'll be balance it'll be fair.

It will bring our budget much better and to balance and it will do it in a way that's credible.

Which shares the -- with all that are involved in government spending.

Does -- include tax increase since.

It certainly does eliminate that tax loopholes and shelters that we believe are not necessary.

We've talked about some of those look for the United States senate where I think there's broad consensus eliminated.

It also -- -- most wealthy.

That the very tax extensions and that that that be put into consideration.

I'll expect from tomorrow's meeting at the White House.

Well we always hope that there's going to be this bipartisan agreement that's what we need.

You hope the president will be able to reach an accommodation with Republicans.

So that we have a plan that's credible that really does bring down our deficit.

But does -- in a way that is fair to all Americans thought Justin telling our seniors they have -- more students anymore.

That is -- a fair agreement for all Americans -- to grow well vows to create more jobs.

Well you know senator Republicans argue that raising taxes actually stifles growth and would hurt the economy not.

Help balance the budget what's your response to that.

What we spent one point four trillion dollars and our tax code -- tax expenditures many of these are just special provisions for special interest.

Many of these -- that we can eliminate will even help our economy we talked about.

The subsidies traffic ethanol which really is costing my state of Maryland jobs with -- poultry industry.

So it.

It if we have a shelter let's get rid of -- were trying to balance the budget.

It was within the money is spent in the operating budget was spent -- the tax code we need to eliminate those -- necessary.

-- other Republicans I understand have voted in favor of eliminating that ethanol subsidy as well so this is one area of agreement there.

Earlier today on fox -- Karl Rove accusing Democrats of class warfare he says they're demonizing millionaires by saying that there.

Not paying their fair share what's your response to that.

Well I think the balance the budget has to be fair balanced but frankly we think the Republican budget -- class warfare curious thing our most vulnerable to pay a lot more.

The dating caused the deficit didn't cause the budget problems listing our students pay more -- our seniors to pay more.

But what's wrong with -- -- those who the most well off to help contribute.

To bring our budget into balance I don't think this is class warfare I think what we're trying to do is get a plan that's clear for all Americans.

-- senator Ben -- of the Senate Budget Committee thank you so much for joining us today -- Clinton thank you.

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