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All right how we bring you this Fox News alert now because there's a new challenge from President Obama.
As GOP leaders are said to be pushing ahead at this hour with a new shorter term.
Debt plan is America live everybody I'm Martha MacCallum and for making Cali so the president in just the last hour.
Taking a combative tone with Republicans saying that spending cuts alone.
Are not the answer to the country's deficit crisis.
Neither party is blameless.
For the decisions that led to our debt.
But both parties have a responsibility to come together and solve the problem and make sure that the American people -- hurt.
On this issue.
As wanna talk about this for a second because it has a potential impact on everybody here.
And all the communities you serve if we don't address the -- the target on our national credit card.
It will leave us unable.
To invest in things like education.
-- protect vital programs.
So -- artists that -- -- to cut.
Spending that we don't -- by historic amounts to reduce our long term deficit make sure that we can invest in our children's future.
Among take on the rising cost of health care programs like Medicare and Medicaid.
Make sure the strong and secure for future generations.
I -- that is the president's side of that right now and joining me now as Republican congresswoman.
-- homers and excuse me for North Carolina congressman welcome.
But have you had a -- -- aren't yes so where does this stand in the house right now what we're hearing about -- two -- plan that would be on two tracks is being formulated by Republicans that look He tells about it.
Well this is exactly what we're putting forward and the speaker is putting forward a plan of action that will deal with all these issues we can't raise taxes to protect those programs they keep Washington the same size as as it is -- We know that Washington is too big it's time to make -- serious cuts you know what the speaker is trying to do is put a program in place a plan of real solutions.
-- it turns in this from the president's.
Two of prosperity.
And and shared prosperity this is what we're looking for and the speaker is so strong on this and -- behind him.
And I know we're gonna come up with the solutions that we need this is the president's economy.
This is a situation where he's point three point seven trillion dollars.
Spent a by the by Washington with nothing to show for it we've got to turn it around and it is very Syrians -- there was a deal.
That was for 800 billion in revenue increases.
Then this story was -- the president came back to the table asked for another 400 billion in revenue increases so I ask you this.
What kind of revenue increases in what form would they tape whether -- be tax reform -- elimination of loopholes and corporate taxes.
Are -- Republicans now willing to give.
In on in the revenue pop.
-- you know this is mark that if -- if you're in Clinton creating jobs.
Then we're going to be increasing revenue to the government it's very simple.
Create jobs out there remove the uncertainty that are small business owners are faced with -- Under -- -- that's that's a future looking saying hey you know it sure Democrats have been criticized for.
Talking about saving money by eliminating the expenditures on the wars in Afghanistan and Iraq that's also something -- -- -- -- Looking issues I'm asking you today in terms of changes to the tax cuts for corporations here as we noted there's plenty of big corporations including GE in this country.
You know last year and -- paying relatively little or no taxes at all.
Are you putting for anything in terms of corporate tax reform that you -- your mind to undo -- little -- today.
Well I think we all agreed that tax loopholes -- something that we can do without then is definitely an area that we compromise on without any any difficulty whatsoever.
But the point is quitting in them in a system of tax reform that is simpler that it's flatter.
-- -- is less congress on the west actually for our business owners in the cost of doing business.
-- this is what we're looking at but we are definitely against any tax increases any taxing action the line alone right -- go.
Sachs says that if they don't get four trillion dollars if that's not what the -- -- -- don't mean they don't yet but if if if what happens is a planet sort of four trillion dollars in real spending cuts.
There aren't likely to downgrade their rating on US debt when you think about that.
Well you know that that's unfortunately what we're faced with right now you know whether we're talking about Goldman stats or we're talking about any of the other on credit rating you know.
We are sitting in -- situation that is crucial right now and we have got to do -- -- nothing.
The theory in order to cut the spending because just -- that this thing.
That feeling is not the answer and we don't understand that so whether we're talking about and basically the idea is we've got to get greater -- Ban the debt ceiling increase and that's what we're looking for and you know as part of one and number -- that I want as much as we can possibly get -- congressman and commerce thank you very much good luck to you the American people are watching the work that -- -- very closely.
And we'll see how -- thank you very much thank you -- I.
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