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What Does GOP Wants Out of Debt Deal?

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    Sen. John Barrasso on need to cut spending

  • Duration 3:39
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Let's get back the debt debate President Obama sitting down -- leaders.

From both sides of the aisle to try and hammer out a deal to avoid possible default tour of the big sticking points raising taxes.

Verses cutting spending of course my next guest has signaled a willingness to consider closing tax loopholes if the conditions are right.

Wyoming senator John were also serves on the Republican leadership team as vice chair of the senate Republican conference.

Hello senator.

-- Alison thanks for having me up pleasure so the meeting can the president and his top congressional.

Leaders got underway about an hour ago is it your sense that they may strike a deal today.

Well they'll start talking about those sorts of things I'm still looking to hear the details -- in the next hour I'm gonna be sitting down with Mitch McConnell as well as.

A speaker Boehner to see what the president is offering.

And go what the mix is going to be fundamentally.

The people of this country -- worried about jobs and getting back to work and we need to make sure that we are not spending too much to me that's the problem it's not that we're taxed too little in this country it's that Washington spends -- -- Yet you know it seems as though both sides were getting -- -- to each other it was reported this week the President Obama is open.

To making some sort of changes or cuts to entitlements namely Social Security are you encourage.

Well I am encouraged because we know the entitlements and Social Security -- -- -- Medicare.

Are really the tidal waves that are coming.

At us financially.

Also we need.

To strengthen those programs not just for people that are currently on them but for the future.

So I'm encouraged to see the president at least willing to address the needed changes in Social Security as well as in Medicare.

Now in exchange it sounded as though the president wanted.

Revenue increases some people call those tax sites are you open to making a deal like that.

I wanna see revenue being increased.

Through having a vibrant robust economy putting more of these fourteen million people who -- looking for jobs.

Back to work than they -- paying taxes and that'll increase the revenue coming in.

Put all of these regulations coming out of Washington are making it.

Harder and more expensive for the private sector to create jobs and we need to make it easier and cheaper for the private sector to create.

What about closing some tax loopholes that the president has talked about it earlier today.

Congressman Eric Cantor was on FOX & Friends only play for you what he said which he sounded open to that was.

We don't like loopholes and preferences it's not good for overall economic growth we want to bring down rates and reform the system.

But if he wants to -- Plug that loophole.

We got to see offsetting tax cuts somewhere else because the priority is jobs it's about getting people back to working we're not for raising taxes period.

Are using tax loopholes a good place to start.

Well they are -- balanced with at a lowering of overall.

Tax rates that's how you encourage job creation even Bill Clinton -- that the corporate tax rates in this country.

Are making us as a nation -- competitive.

We need to be competitive.

Globally so if -- -- lower tax rates and kind of cut out some of this underbrush and the number of these.

Deductions that you talk about I think that would be a good start in getting more people back to work from.

Senator John -- we shall see what comes out of this meeting today at the White House thanks so much for -- joining us your thoughts.

Thank you Allison.

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