Also in this playlist...
This transcript is automatically generated
And this is a Fox News alert -- moments ago the House of Representatives passed the GOP's cut happened balanced bill.
A plan that would solve the pending deficit crisis.
Now the keystone of the legislation is a constitutional amendment that would require a balanced budget.
Unfortunately the vote was largely symbolic as Democrats have made it clear that it is little chance of passing in the senate.
And the president earlier today in the spirit of compromise and bipartisanship.
That he is brought to all of these negotiations said that he would veto the bill if it reaches his desk.
-- tonight another debt deals on the table thanks to a so called bipartisan group of senators known as the gang of six.
GOP senator Lamar Alexander is now backing their plan bringing their number to seven.
And that plan slash is supposedly the deficit by three point seven trillion dollars over the next ten years.
Albeit there's no details and another catch it also contains one point two trillion dollars.
What the Democrats like to call revenue measures you know tax hikes and here's what the anointed one the president had to say about that.
The good news is that today.
A group of senators the gang of six.
Democrats and Republicans I guess now -- -- seven because.
One additional Republican senator -- on put forward a proposal.
That is broadly consistent we have the approach that I church for Republican senators acknowledged that revenues it.
We'll have to be part of a balanced package.
That make sure that nobody is disproportionately hurt from us making progress on the debt deficits I think it is a very significant -- And joining me for an exclusive interview is one of the man at the center of the debate negotiations and that negotiations house budget chair GOP congressman Paul Ryan congressman good to see it.
Negatives you John I don't I well first all they congratulate you because not only dealing this is what a 111 billion dollars -- gonna cut right for the 2012 budget.
But you -- structurally with the night with a Bill White tells what you pastime.
Well we cut we cut a 111 million the first -- you say we also cap spending as a percent of the economy.
And we bring spending down to cut six trillion dollars over -- ten year period.
And then we move into passing a balanced budget amendment with taxpayer limitation and spending limitations the problem we have is spending.
-- a -- spending and we kept total government spending as a share of the economy.
So we don't let the government grow on its trajectory right now government resents spending levels since we hadn't seen since -- -- to you.
We bring him back down where historically has been and keep it there and prevent the government from doubling in size which it is now scheduled to do by the time my three kids are my age.
The cut right away we cap the spending that -- -- six trillion dollars and then we moved to actually having a balanced budget amendment and a balanced budget requirement.
And -- the Obama budget which by the -- didn't even get a single democratic vote right if that's passed we get 200% of GDP right within ten years right.
I -- -- -- aggression -- -- the president's budget doubles the debt in five years and triples the debt in about ten number live all right.
I'm a little bit angry tonight because while the country should be focused on what I think is the most responsible plan out there.
Republicans are negotiating.
Republicans now they got three separate plans without a stop -- measure that of senator McConnell which I do not support.
Although he supported him fairness -- he supports cut cap and balancing cosponsored it.
That we got all the sudden the president got the break in on your day.
Where this historic photos taken place and announce -- -- nowhere.
-- We got a gang of six maybe seven.
I don't think it.
Why would the Republicans.
Give him this opportunity today this is now a third bill that you're negotiating with -- on.
-- back room bill a bill that has some numbers that don't add up.
-- -- although the budget nomenclature but.
It's very difficult to add up all the claims that are being made with this bill based upon what they've put out.
So I don't know if it's real spending cuts.
We don't know how they make their revenues -- up the way they claim and -- the points.
The reason they're doing all of this because -- senate hasn't passed a budget for over 810 days.
Yeah so the reason I understand why senator frustrated they haven't budgeted for two years.
We -- our budget this deal that we passed today cut and cap reflects our budget so we've now twice.
-- a specific piece of legislation to get spending under control to pay off the debt.
To avert a debt crisis I'll be honest and it's responsibly and and the senate hasn't done anything for two years as I guess that's why these six people are frustrated.
But the plan they put out there it's difficult to see how all their numbers add up quite -- We see the the one bill that the president doesn't want is this responsible bill and -- -- to give him this PR opportunity today really angered me.
And because I think this is what's good for the country -- obviously Washington.
-- -- -- with all due respect to your fellow colleagues there they don't have the ability to control themselves in terms of getting to a balanced budget so.
49 states have a balanced budget -- law men -- men are constitutional.
Requirement that they balance the budget.
Washington does not so here's the question is that you wrote this first bill.
We're you gonna say six point two trillion dollars you -- under enormous fire for this.
They couldn't even write this bill by August 2 as.
True that that's right you could oh no oh that's right you couldn't.
Get -- Congressional Budget Office to score this bill by August 2 let alone drafting the bill.
So what they're talking about is a framework which would be -- -- to a framework and and that he tells will be filled in later as as best I can understand what this is.
I tell you what this does -- -- There are people putting planes in the table that's good I'm glad people are putting plans on the table there's one person.
-- pretty important all -- that hasn't put a plan on the table yet that's President Obama.
They're all this talk we've gotten speeches we've gotten press conference is we have yet to see.
Any proposal from the president to fix this problem.
The senate who that the senate majority leaders but -- plan on the table this and hasn't passed the point he got six senators throwing their idea of a -- on the table.
That's constructive you know let's just say -- putting something on the table.
The president hasn't once.
For a proposal on the table to fix our fiscal problem how about those talks about these ideas but not know actions.
-- -- they don't work against what the house's doing and I and our let me be even more blunt now I don't know of any faith in the senate.
I really don't -- you know we don't that that conservatives don't control the -- So really the hope is in the house and so the question is.
Do you think -- house Republicans will hold the line.
Now that you passed a bill that'll save Social Security Medicare Medicaid support the military paid out of that.
And make some structural reforms because my country's gone bankrupt and we don't want to become Greece.
Do you think that the Republicans in the house will go for these late minute phony deals spending cuts later.
That seems to be being bantered about in -- The what I get from what I've heard from this gang of six in the clip you just played -- the president.
Is higher taxes more revenues that's not what we're about we're not talking we've already rejected that over and over and over again with the president -- these talks.
We're about cutting spending and that's were holding out for our spending cuts so the problem is if you raise revenues number one -- -- the economy.
In job creation number two.
That means -- not cutting spending and that's the problem is cutting spending so.
You know I can't tell you what the -- gonna do there's an old saying around here in the house are -- the Democrats are adversaries the enemy is the senate -- -- -- That's -- saying that that that that's that are -- here a lot these days and I think that that's.
I'm -- -- together then let's assume that either one of these stupid deals you know compromise in the senate.
Then that -- were at an impasse you guys passed a responsible bill they passed the back room smoke filled back room deal.
And now all of a sudden.
August 2 is coming and -- pressures building and the pressure is mounting I would argue this is why people were hired in 2010.
Will the republic is in the house hold the line.
When the going gets tough which is about to happen.
Right so we I I can't imagine we would rubber stamp just -- debt ceiling increase without spending cuts.
That's -- we are holding out for our real spending cuts.
Can I tell you what those are gonna look like what the size of those cuts are how it's gonna take place no I don't is a very fluid situation.
But -- our our position has been really clear all along.
We gotta cut spending now what we're finding out is not being able to cut spending the kind of cuts we're talking about the six trillion we passed.
Because we in the senate that doesn't -- -- do and we have a president hasn't even put a plan out there.
So we're gonna trying get the kind of spending cuts we've been talking about we're gonna hold out for cuts and that's what we're doing so what this looks like at the end of the day I don't know but I tell you were old enough for spending cuts.
I can tell you that it's not only did for the country.
Is going to be a lot of anger you people that voted for you guys in 2010.
You know what I don't want America to come in Greece and -- on the -- Gregory so we need these real structural fundamental changes.
Congressman and every -- You bet John take care I appreciate it and coming up is --
Filter by section