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'Fox News Sunday' panel Bill Kristol, John Podesta, Liz Cheney and Juan Williams, as they discuss the next steps in the debt limit debate, in our web ...
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And welcome to FOX News Sunday panel -- with Bill Kristol John Podesta Liz Cheney and Juan Williams and now what dog all of the that the time pressures of broadcast television.
One.
Take as much time did you.
However I didn't I what I think we have those starts to get up and let it.
-- -- -- -- How do we solve this problem I mean August 2 we all agree is a drop dead date.
So how do we solve that you say there's going to be pressure from Wall Street -- so what's the answer they're gonna pass some version of the McConnell plan.
Yeah I think McConnell part of it but I think.
-- unlike what John Podesta was saying I think that the Republicans are going to have to give on some weight in terms of revenue.
And it may be postured in terms -- not calling it a tax hike.
But it's gonna be some way that you're gonna have to close some loopholes put some.
More limits on what the rich can do in this country.
So that the left and say you know what there is some shared sacrifice here it's not a matter of simply giving and the people -- had a temper tantrum.
Well I don't.
Suggestion subscribed to the idea that the Republicans have a temper tantrum.
But I -- in real life Liz I mean when you and your husband are arguing about something you kind of -- Yeah.
From my -- again and sometimes you don't get you know Reagan famously -- I'd rather have 80% below then no -- for whatever that comment was I mean.
If if it is there no revenue increased he would accept.
Looked at this distinction I think that's very important is between short term tax increases and long term tax reform.
And the Republicans in the house budget the Ryan budget have proposed long term tax reform which is what we need which you know.
Would close loopholes bout in which would also lower corporate tax rates for people which would make -- -- much more attractive place to invest and do business.
So yes I do think -- ways we can agree on closing loopholes.
I think the notion of additional short term tax increases.
On top of the tax increase its gonna come from Obama care.
Is a non starter and I begin it in a situation where you make the problem much worse because those tax increases will lead people not to hire precisely the moment when you think -- So not going to end up and with the McConnell plan.
And I can accomplish I think that the McConnell and you don't like the McConnell plan but you -- that better than often.
I don't think that's going to be the choice I think -- will we've got enough folks who care enough about getting spending under control that I think we'll be able to pass the spending cuts that allow us to have a short term that limiting so you're saying basically.
Just spending cuts under the president for it.
34 months and -- to Vito -- I think we gotta have a -- and plan here I think we gotta be in a situation we take advantage of this opportunity because.
Otherwise it it will really be nickel and dime -- so ideally you would you be able to get the president.
-- -- -- spending under control we've seen no evidence that he's willing to do that could record just for saying it isn't the president offering the grand plan isn't speaker Boehner saying you -- will be willing to have some tax -- in order to achieve the -- well again -- -- you -- ask is it tax increases or is it long term tax reform and I don't know what the president's -- has always her speeches.
-- -- -- It's sensible bulls that keep the commission said let's have long term tax reform but let's raise a trillion dollars while we do it that's I think what.
President Obama offered to speaker Boehner speaker Boehner seemed as one noted was interested in that deal if you could have.
On three dollars some people think as much as five dollars for every dollar increase in in revenue that's a deal that Republicans should take.
When I guess when the speaker went back to the house caucus.
Mister Jordan.
Eric Cantor another set forget it.
We're more interest stated.
He and he -- any tax reform has to be revenue neutral that is no new revenue.
Just ask you one question because this relates sticks in my craw about the president.
So this involves a lot of us and found thought that was a really elegant and and sensible solution.
That the president walk away from that I mean basically.
He let it just twist in the wind when it came out in December he never mentioned it in his state of the union speech he never mentioned it in his budget.
If he headed.
Embrace that might we not be in this that you I don't know I mean I think that that down he he put forward -- -- budget plan and the state of the union he came forward -- in the spring barely mentioned that in the state of the union became one or thirty minutes -- without without.
A much more substantial offer I think he's.
It's -- even in his press conference this week said what he thought was off balance and Simpson -- but he's largely embraced the framework of four trillion dollars.
Tax reform that increases revenue.
Restraints on and on both on domestic and defense spending he said that -- of -- went a little too far on defense.
But I think he's basically a -- himself embracing most of the -- summit and now we're really fight about the details but.
The Republicans have basically said -- -- it in two things one is not raising taxes on the wealthy.
And second we want to shrink the size of government they don't really care about the deficit now.
-- -- I'm -- a grand bargain in 2011 of industries and you forehead on the show that these tax increases for -- talked about wouldn't go to effect anyway till 2013.
Most the spending cuts look at the effect of -- -- are still a tough election and when he thought if President Obama wins the election.
Even if Republicans hope the house even -- pick up the senate he will have a mandate to go for the country to go more or less in his direction he will -- bet you'll get back.
The you'll get tax hikes on the wealthy and you'll have a different kind of spending.
Agenda go forward if Republican president wins obviously.
He or she will submit a budget and January 2013 and we'll go to different direction traveler wants to have a grand bargain that there's no reason is none of it goes into effect anyway it's a funny thirteen so let's deal with -- current situation and have a Wall Street.
And that's where evidently there.
We -- let me just -- Was this nice everybody had my afternoon -- nobody yelled at each other it was all very pleasant and -- -- possess the rain and gave him.
-- -- July -- -- -- please check in with us throughout the week I think you've probably heard -- crystals brand there.
And check in with us -- please tell us what you thank -- the solutions -- the likely outcome look for my.
Monday edition of -- unplugged you can find it at Fox News on -- dot com we'll be right back here.
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