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'Gang of Six' Member Defends Deficit Plan

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    Sen. Kent Conrad says bipartisan compromise is best solution for long-term problem

  • Duration 3:36
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Expected now this meeting apparently just broken up Fox News alert critical meeting on our debt crisis wrapping up now senate's bipartisan gang of six.

Three Republicans three senators one democratic senator Kent Conrad a member of that committee with me now just out of that.

Meeting senator good morning to you.

I -- put some specifics for that these are just broad strokes okay about your plan.

Reduce the deficit three point seven trillion over ten years reduce the cost of Medicare and Medicaid over ten years.

Increase revenue by a trillion dollars over that same decade.

Again that's just the.

Broad outline.

Why are people running toward this ideal site.

I think because.

They know that we have got to address the death threat.

We're borrowing forty cents of every dollar that we spend as a country our gross debt is now -- 100% of our gross domestic product.

Most economists say that when you reach -- -- of that level you've reached the danger zone that.

Puts at risk -- future economic growth.

And this is a bipartisan plan three Democrats three Republicans that builds on the plan of the fiscal commission.

Which was five Democrats five Republicans and one independent so it's the only bipartisan plan that's come from anywhere.

And it really does get us in a position.

To deal with our long term debt problem but -- and they are very long to that that commission you talked about.

Erskine Bowles and Alan Simpson Washington Post says even that idea.

Again this by the year 20/20 one our debt would still be at 70% of the economy.

That's that but that's ten years down the road.

Nancy Pelosi says this idea is not ready for prime time.

She's a Democrat.

But he said of that.

Live as I disagree.

Look we have had a chance to briefed on the senate side we've not had a chance to brief on the house side.

So I'm not surprised that people are.

Perhaps more skeptical there they've not had a chance for a full review of what we -- but on the senate.

We had about fifty senators at a meeting yesterday.

And after they heard the details of the plan senator after senator Republican a Democrat stood up and said look I'm in.

Count me in this is what we have to do it is a compromise.

But that's what is required here the Democrats control the senate Republicans controlled prices and on that day and -- not gonna do anything.

Without account I've highlighted -- for the interruption I'm short on time as you know but the house Republicans.

Especially the freshmen members the Tea Party caucus how do you sell the idea of raising revenues of a trillion dollars or ten years.

Because the way we're doing -- is to broaden the base reduce the exemptions exclusions and credits that now proliferate in the code.

And actually reduce tax rates in addition we eliminate the Alternative Minimum Tax.

Which increasingly is threatening middle class taxpayers by the tens of millions in this country.

In addition the Congressional Budget Office would score this plan.

Compared to current law as a one and a half trillion dollar tax cut.

Now that there is more to explore here in three minutes time we cannot do at all.

We just kind of -- the surface right now the center of the -- -- again maybe even tomorrow Kent -- sir thank you for your time.

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