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How Far Apart Are Both Sides in Debt Battle?

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    Sen. Warner on what it will take for spending cut compromise

  • Duration 5:12
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Got some breaking news now the battle over our nation's ballooning debts in days before a major weekend meeting on our nation's borrowing limit.

The house speaker John Boehner moments ago weighing in with these.

Blunt words.

There is no agreement.

In private or in public.

In as the president said yesterday we are this far apart.

The star like there's some eminent.

A deal about to happen.

-- there are serious disagreements.

About how to deal with this very serious problem.

Well Virginia democratic senator mark Warner's on the Senate Budget Committee is also part of the six.

Party of six talks that include the vice president senator welcome back here to -- revenues and good morning to you serious disagreements.

How far apart can we guess the two sides are.

Well listen somebody who was part of that gang of six three Republicans three Democrats.

That we're working on this for over six months we know how many divisions there aren't we had a framework we didn't completely finish I hope we still might be able -- Throw this into the -- but both sides -- gotta be willing to give.

On core principles they've gotta be willing to say you've got to take on entitlement reform you've got to take on tax reform.

I think you've got to have a planet's north of four trillion dollars.

And that clock keeps ticking we don't have until August 2 before the markets may start to turn us well that that that is the threat has been given out there they say July 22 -- -- you have to do it or to get a bill passed and signed before.

The second of August rolls around but this is what Republicans argue repeatedly.

Washington does not have a revenue problem it has a spending problem.

Do you agree help.

Well bill I think we've got both problems and give them that -- numbers don't lie here we are spending too much 25% of our GDP on federal spending.

All time record high.

Our revenues are roughly 15%.

A seventy year -- -- -- take a rocket scientists figured out that Delta's two large.

And at any time we've been close to balance.

Roughly revenues and expenditures have been in that nineteen to 20/20 1% range so we've got yes cut back spending dramatically and I think the president is offered.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Every state city across the country.

So why raise taxes now.

-- -- when I think.

The best job creation we could do is put a long term debt and deficit deal in place.

And given what we -- what we've been talking about is not raising taxes.

It's actually back to the Reagan approach which is lowering tax rates but taking out some of these tax expenditures trying to make the tax code not the 70000 page.

Monstrosity it is right now but make it simpler -- a little bit fair I think that's a question that us.

Well -- that's a question like right pocket or left pocket depending on where you get the money -- something like that pass not the senate chamber.

But in the house because you know that's where.

You have to get agreements.

In order for anything to go through.

If we're looking for a plan that's gonna get everybody on the right for everybody on the left to come together.

And we are frankly probably wasting our time and this country is gonna go over the cliff when and we don't have the tools available that we had two years ago likeable and not.

Federal stimulus monetary policy work traditional tools -- -- venues when we've had recessions in the past we don't have those tools available anymore.

And it kind of mess with our nation's credit worthiness with the uncertainty in Europe is just playing your response I say let's -- let's be willing to have both sides give a little less recognized not going to be a Democrat a Republican win on this.

And let's do major tax reform.

And major entitlement.

So what we'll see what if the ball moves it all on Sunday here is what we find and our polling and I think this is significant.

We asked Americans.

Do you support a balanced budget amendment 72%.

Say yes.

But then when we asked them about program cuts OK there's the balanced budget amendment the US constitution.

72%.

We asked them will you be willing to take cuts.

And Medicare.

Another entitlement programs in 63%.

Are against it that what we asked about tax -- 62% were against that.

-- and as we spoke last hour at Mike Pence on the Republican side the question to you this -- Pretty obvious.

You know but that that is your debate and that's what we need to figure out.

But bill I mean if you're gonna if we continued our politicians says I'm gonna cut your taxes and -- an increase spending and both side's been guilty of that.

This is where you get a fourteen trillion dollar that this we get something we had four billion dollars that they too when we don't act I think the American people if we tell the truth.

That we are not real bind at this point they know what -- -- And it's gonna take a little bit of shared sacrifice and everybody -- -- skin -- -- -- it's gonna require change our tax code it's gonna change require change our entitlement programs.

Cutting back domestic discretionary spending cut back on defense spending.

And I think it will be the single biggest operator around if we can get this long term plan for trillion plus some place time -- taken Mark -- thank you for your time.

Thanks to --

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