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And breaking news tonight after a day of high drama on Capitol Hill the US House of Representatives approve the controversial -- deal.
That was announced by president Barack Obama last night at the White House now that means the bill.
Now heads -- the US senate where a vote is expected at noon on Tuesday but tonight.
The spotlight was on the house and among the -- -- 69 members who voted in support of the measure.
Was none other than Arizona congresswoman Gabrielle Giffords who made a surprise return to the floor.
Now this is the first time the congresswoman visited the capital since the tragic shooting that nearly took her life in January of this year and as you can imagine.
She was greeted with a -- round of applause from both sides of the -- Now that incredible moment of unity in the house was proceeded by a day of disagreements as Republicans and Democrats.
Voice serious concerns over this -- on the right members from Michelle Bachmann a senator Tom Coburn.
Have slammed the bill saying it does nothing to decrease spending.
Nor does it institute any real long term reforms and congresswoman -- by the will be here later live this hour.
Tell -- while on the left it is a different story as Democrats are outraged over the fact that the bill does not immediately trigger any new tax hikes on you the American people.
However this is something that we are keeping a close eye on because it is the belief of many that the bill authorizes a so called special committee to repeal the bush tax cuts.
And also possibly set into motion other so called revenue enhancer is down the road joining me now for an exclusive interview somebody who voted for the compromise.
And He is the chairman of the.
House Budget Committee Wisconsin congressman Paul Ryan congressman always good to see -- thank you that they -- -- -- Sean -- threatening to be with you I know let's spend now long battle.
-- -- -- -- -- -- you give us your take on it you voted for it why you think this is good for the American people.
Because we're cutting spending look is this everything I want of course not our budget proposed -- -- six point two trillion dollars.
This cuts two point one to 2.4 trillion dollars.
First thing we get right off of that as a chilling dollars out of government agency budgets we actually got discretionary caps in law I've been fighting for these spending caps.
There's the zodiac in the congress we couldn't even get these kinds of spending caps in the Bush Administration.
This kind of tells you just how far the culture -- changed so we got two point one to 2.4 trillion dollars in just spending cuts the president.
First started off asking us for a blank check finance for a big tax increase He got none of those and we kept our pledge -- -- we will cut.
More spending then we will raise the debt limit I let let me ask you what was maintained aren't so -- that the president is gonna get an immediate trillion dollars were just shy of a trillion dollar 900.
And I 900 in -- and billion in and the debt ceiling.
And these cuts are gonna take place over a ten year period of time right.
-- that's how how much are we getting the first year and how much we get in the second year how much is in the fans.
And how can we hold future congresses accountable to what you do it right I.
Right that's good question so 21 billion dollars right away for the first fiscal year that it's about 46 I think -- -- -- -- my head for the second fiscal year.
How much touted offense the first fiscal year will be nine.
Billion from what we called the security accounts that's not just defense that's all security.
Homeland Security national security.
And then two billion to four billion the next year.
So that cuts on defense are were minimized quite a bit by that most recent agreement John Boehner reach.
More to the point how do you think these -- what conservatives like me have been fighting for for years.
Our statutory caps on spending little legal caps in law.
But says government agencies cannot spend over a set amount of money.
And if they -- that amount across the board sequester comes in to cut that spending and you can't turn that off without a supermajority vote we got that in law that is here.
So the best way you can actually think that trillion dollar spending cut.
Instead -- legal -- law which we haven't had since the 1990s we now have them.
And then the committee the special committee this testing getting the two point one of the one point one to one point five trillion dollars in cuts now that's not gonna tell you Sean.
We're not raised taxes and this committee number one.
When are you -- penalize you on the spot slowly heading.
I don't know -- -- they haven't been named yet but we're not gonna put the kind of people on this committee they're gonna you know go for attacks increased number one number two He couldn't pass the house even if they tried the numbers.
Three the baseline they use the measuring stick for the use for this committee.
Makes it really basically impossible to raise taxes because -- raise taxes and get credit -- in this committee.
You would just have to -- at 3.5 trillion dollar tax increase the bush tax cuts -- away the Alternative Minimum Tax kitchen.
You wouldn't get credit for any of that and I need -- raise taxes on top of that that's why we think tax payers are not I don't know budget numbers better than anybody here to -- video though is scoring.
That the bush tax cuts expire.
No -- the CBO does not.
That is not true that's not the -- does not -- -- all that I know the CBO baseline.
Assumes that our current law.
It did so that this bill doesn't address tax policy.
Cut spending this bill -- scored it as cutting two point one to 2.4 trillion dollars in spending.
The current law has all the bush Texas -- to -- 4013 the Alternative Minimum Tax kicking in the obamacare text entries kicking in.
And CEO simply they're based on reflects current law this hasn't -- current law on taxes brightness changes front -- spending only hope ark here I guess I'm for the.
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