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Debt Debate Doomed to Repeat Itself?

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    Because You Asked: Rep. Van Hollen on argument for balanced budget amendment

  • Duration 5:54
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Q&A plan to cut government spending Republican senator Tom Coburn has won.

He's proposing nine trillion dollars.

In spending cuts here's his idea.

This plan offers the American people nine trillion reasons.

To stop making excuses.

And start solving problems in Washington.

I have no doubt both parties will criticize portions of this plan and I welcome -- -- -- But it's not a legitimate criticism until you have a plan a bureau.

The plan that solves the problems of the future.

That secures prosperity for kids and -- bring kids what is not acceptable however is not having the plan.

And delaying reform until some perfect political moment.

-- memorize.

Well meanwhile the house Republicans will move ahead with his vote on cut cap and -- today and democratic -- -- -- ranking member of the Budget Committee back with us that America's news -- do insert.

Good -- and -- -- -- morning to you Tom corporates come out with guns blazing.

Nine trillion dollars to save America shrink government by 20%.

He says it's rough but it's necessary.

You agree.

Well bill we absolutely have to come up with a plan to reduce the deficit we need to do it balanced way.

I'd give senator Coburn -- credit for putting up plan on the table.

His plan recognizes that spending through tax breaks is just like spending through other parts of the government.

And he would allow force cutting these special interest tax breaks for the purpose of deficit reduction.

I've not had an opportunity look at his entire plan obviously calls for -- -- draconian cuts in things like Medicare from the little that I know.

But what he does do is provide a combination of cots and elimination of these tax loopholes for the purpose of that you're -- just the fact that he comes up with an idea for nine trillion dollars.

It gives you a sense of the enormity of the issue.

That now Democrats controlled the senate -- -- you in the house Democrats control the senate you -- democratic president's.

Q can you afford.

To allow this debt issued to linger.

Into another election cycle as a part lot.

A couple things -- the first thing is we all need to come together to make sure the United States pays its bills.

For obligations we've already incurred the Democrats and Republicans alike have already voted for because.

Failure to do that we'll send the economy into a tailspin that's not just me that's not secretary Geithner.

That's nonpartisan economists to.

Yes we need a a robust.

Deficit reduction plan and the president put on the table a proposal.

To cut four trillion dollars over about ten years he was a balanced approach three dollars -- cuts.

To one dollar and revenue and senator Coburn has spent as demonstrate you can you can come up with the least a trillion dollars in revenue by closing.

A lot of these special but so far that that -- -- -- idea hasn't gone anywhere now there is an idea today in the house it's good move forward.

On behalf of Republicans -- calls for a balanced budget amendment among any other things.

Many of the things I should say.

-- viewers right visceral look now be yeah.

Right this is out of the University of Missouri this is a student who writes.

-- all the bickering over the debt debate limit happen again next time we have to raise it anyway now that's the argument for balanced budget amendment.

In a shorter and that we're back in the same hole a year from now or two years from now work or five years from now.

Why -- Leo I port that -- encourage everybody to read this bill this is not your garden variety balanced budget amendment.

This would it right into the constitution of the United States.

Rules to impose the Republican.

Budget plan to two devices that uses.

It says if you wanna cut Medicare Social Security simple majority vote in the congress.

If you want to close a special interest tax loophole or into subsidies trailing gas industry for the purpose of deficit reduction.

You needed two thirds vote.

Second they artificially cap.

Expenditures.

And he level that the United States is exceeded every year since 1966.

Has stayed so of this spending is out of control my here's what I don't understand of the -- out -- making.

-- boy got to allow Washington.

Just spend 2.5 trillion dollars more.

Over the coming two years.

That now how in the world does not equate to fit the cuts that you described for Medicare and Medicaid and Social Security.

That they're actually giving you two and a half trillion dollars more to span.

Bill because what we're talking about is paying for the past obligations that are already in in the pipeline.

Number two.

I agree we need to balance the budget there are different ways to do it what they would do is right into the constitution.

Procedures that tie the hands of congress and say you have to reduce the budget deficit.

Their way they say it's it's easier to cut Medicare than the cut tax loopholes they would write that in the constitution.

And they would put this artificial cap in place which would actually prohibit the congress from working its will.

If it wanted to balance the budget it at 19%.

Or whenever there are others who are you and -- you would look at this fox polling here well over 70% of the people we polled say they favor.

A balanced budget amendment to let you buy -- celebrity -- -- actually -- Actually actually that's that's that's a fact that's been missed cited.

Only about twelve state unknowingly into their car only about twelve -- right and went on deciding the limitation on the on hold on tax records shows 70%.

Of support for balanced budget amendment.

We're gonna watch the vote today -- appreciate you coming back we'll continue that's the normal balanced budget amendment not a war when like we will see -- a couple days have been a -- if you are discussion okay.

Chris -- all right thank you.

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