President, Lawmakers Still Far Apart on Debt Deal
Sen. Orrin Hatch on continued negotiations
- Duration 4:44
- Date Jul 12, 2011
Sen. Orrin Hatch on continued negotiations
Also in this playlist...
This transcript is automatically generated
-- showdown I'm joined now by senator Orrin hatch a Republican from Utah -- -- ranking member of the Senate Finance Committee and senator thanks so much for being with us.
Have been north isn't the deal in the end gonna have to windfall -- -- -- some way maybe not raising rates but.
Closing some of the egregious tax loopholes and eliminating some of the taxpayer subsidies.
Well I don't want to get into the -- that their time about eliminating tax expenditures not tax expenditures.
Are what congress -- decided this good policy things like being able to deduct your charitable deductions or be able to -- -- Home interest payments or.
Business is being able to -- their payment for health care I mean these are all.
Important policy decisions are not loopholes now where there are loopholes we got to try and get rid of them have no question about it and and I'm -- looking at everything but I wanna do it in the overall general tax reform rather than look.
Dare propose ever skelter yeah I do Republicans really want to be in the position of defending especially in the upcoming election.
Tax breaks for wealthy hedge fund operators as well as rich oil and gas companies.
Not to mention yes the corporate jet owners.
When GE makes fourteen billion in profits but pays no taxes at all is that something that Republicans really want to defend.
Looking from my with the present one that wants to do -- hit people.
And then that those top brackets and that includes 800000.
Small businesses where all the jobs are created that you can talk about.
Corporate jet attacks my gosh that's three billion dollars over ten years -- take 3000 years.
To -- as much money as they've blown down the drain and their so called stimulus over the last year or so.
Therein and this is the type of -- and it happened.
In in the White House if you can't trust them if you give them money they're gonna blow it all right and that blood helped look for political purposes to advance their cause.
And get people to believe that -- -- You know that they're doing what's right and we -- behind.
We don't have the other side here today so but I wanna -- this the other side your colleague Kent Conrad a Democrat he's.
Chairman of the Budget Committee a gang of six member of the fiscal commission he said this on the senate floor yesterday take a listen.
President spending has the highest it's been in sixty years -- a share our national income revenue is the lowest it has been in sixty years.
As a share of our national income both have to be addressed if we're gonna solve this problem.
Revenue lowest in sixty years we -- our brain room double check that they say it is in fact accurate.
So doesn't that -- -- in favor of some kind of the revenue increase senator.
Well remember his talking about about spending being over 25%.
That last time we spent that much was at the height of the Second World War back in 1945.
With regard to revenues revenues will come back to a -- half percent.
If we just allow the economy to go and we -- -- -- doing all kinds of a big spending programs and so forth look they talk about being able to.
Bring the economy back in line but -- -- their ideas to get more taxes so that they can spend it and I guarantee if the Democrats will spend every dime of but it never -- conserve.
That's why we have to hold the line on those tax increases and we've got to get the spending cuts in order to send a message enough -- he has spending cuts.
I think the market and everybody else to start saying hallelujah.
You know what we're we're gonna come back out of the so we're gonna -- very very well.
Want one more question the Club for Growth which is a pro growth removed -- -- group -- is now targeting U.
In fact great points -- lifetime rating at 74%.
Placing you with the bottom of Republicans serving.
Are you the next Republican in trouble with her own party.
Well I'm surprised that they -- their money kind of kind of take made because.
Their own people have voted that their leader ever voted through.
You know for increasing the debt ceiling and a lot of -- things are accusing me but.
I don't know where they get that 74% I -- 90% American conservative running right record over the over the years I got a 100% on a whole bunch of other things and if you look at you know I'm not just one or two years you've got to look at 35 years here in the United States senate.
And by any measure I'm considered one of the top conservatives in the history of this country and I don't know what they're doing all I can say is their -- -- their money and they -- to go after Democrats who are really putting us in this bad condition.
Senator Orrin hatch thank you so much for speaking with us today nice to be with him.