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Leo this the president wants to go bigs still wide -- the numbers keep going down.
Welcome everyone I'm Chris diaries for Neil Cavuto and this is your old -- -- moments from now a new round of debt talks will get under way at the White House.
But it's not all smiles as he can steal closed yesterday -- because the president's grand -- -- -- so -- In a week we've gone from not talk of to a trillion dollars in spending cuts.
-- one point seven trillion dollars and now getting closer to one point five trillion dollars plus this way here in net.
And there's no guarantee that number won't go even lower -- that our talks drag on.
Utah Republican senator Mike -- also thinks we need to go big.
But senator wanted to have trillion dollars in cuts spread out over ten years and no talk of lower the corporate tax rate is that really going big.
No it's not going big at all I'm back I'm not sure it's going anywhere.
The problem is that one congress can't find another -- so no matter how big the spending cuts are that we're talking about.
If they're stretch out over a period of ten years if they're not accompanied by constitutional amendment we have no guarantee that -- can be followed.
-- do you get a sense that both sides now are are kind of taken each taking a step back to try and get a deal in making the -- small enough that only palatable from both sides.
Because the administration in the Democrats are not going to make a big deal unless you have big tax increases.
And they're Republicans -- want big spending cuts and neither side is willing to give so they'll both take small cuts and small increase work.
As some have suggested that I I actually believe that we're not.
Nearing a deal in that area at all because at this point the only plan on the table the only plan that has any.
Significant degree of public support.
-- is that found in the cut happened -- act that we filed last week.
A week ago today who we now have the support -- of about 35 senate Republicans.
A companion bill is being introduced today or tomorrow in the House of Representatives and we expect a lot of support there as well.
Senators and their clients how does a plan work it's letting people we've heard that term now over the last week quite often now my ship everybody out there really understands how it would work.
Well it involves some immediate spending cuts it takes to -- down to domestic discretionary spending.
Four fiscal year 4012 back to 2006 spending levels.
And then it brings about series of cuts that on the senate side at least would result in about six trillion dollars worth of cuts over the next ten years.
But the most important feature of it is that it requires passage of a balanced budget amendment of the constitution.
As a condition.
To raising the debt limit at all.
And doubt that that's its distinguishing feature that's the one that we have to happen in order to make this deal work its -- this plan is growing it's the only plan out there right now.
Well there's another planet's McConnell plan and and it seems to be gaining some acceptance on both sides of the island -- even earlier today Dick Durbin.
That we'll get an agreement today a we handle its choice but the passing McConnell tight plan.
After that the Bob coworker you know it's gonna stop this childhood behavior.
I talks about though he admitted to our own James Rosen earlier in the day that that plan is gaining some support the -- get that sense.
Well that that plan has been described.
By senator McConnell himself as a backup plan is a plan B.
-- there -- a number of us myself included who were not willing to consider that plan and will not support it.
I pledge from the beginning and in fact since before I even took office but I'll not support any plan that is -- -- -- by constitutional amendment.
-- to -- about.
What happens on August 2 we certainly have heard -- this scare tactics.
-- by the administration about Social Security checks -- see what happens on that date if we don't have an agreement to raise the debt ceiling you have a plan that could.
-- certainly would enable Social Security checks to be mailed out in some other you know expenditures by the government to actually be taking care -- don't you.
-- that's right that's that's right Mike my plan would address the debt limit and it would allow government continue to operate for Social Security checks to continue to be sent out.
That's why -- -- so insulting the president's unwillingness to go along with this plan.
I mean he has yet to describe what it is about the idea of a constitutional amendment that he finds so repugnant.
But the president dismissed it out of hand and and the very next day said let's go ahead and just.
Cut all of the Social Security checks going out to current retirees.
Without any explanation as to why they would be the first on the chopping -- ED I mean look when we're bringing about.
200 billion dollars a month.
In our interest payments are less than 10% of that and Social Security payments are about fifty billion dollars why on -- Would you cut Social Security checks first at doesn't make any sense to me and I think it's insulting to America's retirees.
And we are just putting on the screen as some of those twenty items that you think -- could be cut trend before you had to begin.
Two the Social Security fund and in would have to stop mailing out those checks one final thing for you senator.
Do you get a sense at all that there is a split within the GOP because of these negotiations I don't.
-- -- -- get hammered I talk a lot about some of these other senators that are favoring the McConnell bill some like yourself or not favoring it do you feel like there's a little bit of a split.
Well look what I see developing music growing consensus behind they cut cap balance approach.
And I'm pleased to announce that senator McConnell himself has signed on as a cosponsor to the cut cap balance act.
So I think that's where the consensus is growing -- choosing to focus on where there's agreement rather than where there might be disagreement.
Senator really thank you so much we appreciate your time.
Thank you -- house ignored.
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