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Santorum Blasts Fellow Republicans

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    Presidential candidate says GOP didn't stand ground in debt debate

  • Duration 10:02
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Street is of course -- -- -- at the news today.

There is again gasping for air from people who are actually almost running for cover -- from stocks selling big time do whatever they can't because the Dow didn't -- -- more than 500 points is a worst days to see economic collapse in 2008.

Investors universally rattled over an intensifying global economic slowdown and then there is tomorrow.

Everyone is bracing himself for tomorrow's report on July unemployment numbers.

And that's just here in United States.

The world does not global economy and we are all in this together whether we like it or not and -- heroes -- -- the Asian markets.

And of course there's Europe there's Italy Portugal Greece and Ireland we have much more on that straight ahead.

But first joining us Republican presidential contender former senator Rick Santorum good any sex.

Hi Greta good to be with him from the morning.

Good -- -- -- hero from Denmark are I would today's news every I was gasping for air people trying to sell stocks.

Tell me -- what happened how do we get into this mess is this a minute we should have predicted early just so inner locked with the rest the world of you know where -- we have and we feel the impact of them they feel the impact of us.

Well it's clear Imus obviously global economy -- like -- at the bottom line is that the United States is doing nothing to help the world and and pulling out of this recovery mean that they we've seen anemic growth we've seen.

They had policies of this administration strangling business beating up on business is doing everything they can do.

To us to stunt with big government programs like obamacare and Dodd-Frank and other things that it.

They're just constricting the economy here and of course when America's -- the rest of world gets very very sick and that's what's happening.

I hadn't and spammers who are wondering well how does it has impact in some people are lucky enough to have a 401K.

Some -- and people like in the stock market but you don't even have enough money -- -- stock market is something running to have jobs if you're watching this tonight -- don't have money in the stock market and you don't even have a job how does this affect your family.

What -- -- because people who do have money in the stock market are now going to be -- you know that we those folks we've just talked about have already cut back on their spending because they don't have a job there.

Where they're living you know paycheck to paycheck and and don't have investments -- -- people who do have investments were counting on.

Optically a lot of seniors MP Blatter near retirement -- gonna have to see wait -- -- You know these purchases that I might be making I now don't have that -- have the cushion anymore and -- of the markets have a profound effect on overall consumer spending which of course drives 70% of the -- this economy so.

This will have an impact on consumer sentiment we'll have an impact on spending revenue impact on growth eleven impact on jobs that -- trickle down.

I if you're pressing nice it's tonight at recognizing said that some -- regulation on business it is the health care legislation but if you present tonight and we are facing you know.

Tomorrow morning with unemployment numbers if they're going to be worse that I have an impact her way into the yeah what's going on what's gonna happen in Europe and of course in Asia what would you be doing first thing tomorrow morning even tonight -- would you give.

-- what I would be saying is that we have to change change course we have to turn the -- we have to repeal obamacare we have to -- up repeal these regulations I saw somewhere that -- John -- it was talking yesterday about.

That we -- the Obama administration just the last month.

Has promulgating regulations that is gonna cost business ten billion dollars a month in this country I mean.

This is the kind of oppressive government we need to repeal these regulations stop the rest of them get rid of obamacare get rid of the uncertainty and that is on the business community.

Cut taxes one of the things I've proposed is a 0%.

Tax corporate tax on manufacturing we need jobs -- in this country need to attract manufacturers here we went from when I was a kid 21% of the workforce in manufacturing.

Now down to 9%.

That's where the middle of America is gone it is gone because we stop making things here.

We've got to get this economy going and we need policies that believe in business that believe in markets to believe in people.

Not government and the the president believes in big government believes in growing this economy by growing government.

And it is an abject failure is feeling around the world and it's feeling here and we've seen the contagion.

I is these situations you -- -- -- people talk about doing all those things but it's sometimes thought of is that when you Trenton.

Dixie county it's like would an aircraft carrier it takes for ever to make that turn.

In light in the sense that things seem rather catastrophic when you see those numbers -- start to decline.

Very quick and quickly we do at a high unemployment is nine point 2% tonight -- -- what's going to be tomorrow.

How fast if you were -- United States and if you have those policies they believe they work how fast could you bring us improvement.

Well I mean I would throw on top of that we have to we have to pass a balanced budget -- because we have -- we have to assure credit markets and assure folks.

That this country's gonna get its debt under control so that's that's -- -- should have put first as a matter of fact is -- -- -- -- remember which we should have done in this last budget negotiations.

If we can do those things I've -- I just suggested.

Dramatically instead to stimulate the manufacturing base in this county.

Economy.

Do something to give people god comfort that we are gonna get our deficit under control that we're gonna get a balanced budget we're gonna constrain the growth of government.

We're gonna get the regulatory environment and repeal obamacare.

Just sarbanes Oxley Dodd-Frank -- and I'll let this economy you know Rick -- get going things will turn around very quickly got a lot of money.

A lot of cash is seen on the sideline a lot of businesses have made profits but they're unwilling to invest.

In an economy where president is so hostile to business and we have such uncertainty because of the dramatic growth in the federal government.

And the regulations that are being promulgate -- -- we turn that around business we'll take off.

I President Obama without any doubt inherited horrible economy in an advice and He owns a trend from the minute that He did the student has -- -- went up you get all the credit.

With the -- down He took the blame I'm curious.

How much do you -- -- blame for where we are today at the feet of President Obama and his ideology and how much is simply external factors the fact that -- -- we are -- global economy.

And when -- it's a skid of India Ireland and Italy and Spain -- -- -- and -- China's got their.

And his -- political philosophy and how much is external.

Well the political philosophy of the president's consistent with the political philosophy of the Greeks the Spaniards and the and the Italians which is the government control of socialism and the big expansive government programs -- simply are unsustainable by the government could lead to defaults.

That's that's the problem and so the president is adopted her and -- got Europe and -- these in these countries in trouble.

And is adopting them here certainly there are programs in place unfunded liabilities in Medicare -- Medicaid -- were there before it was there He simply made them worse.

And he's also done as I mentioned before things that harm did that the foundation of our economy self.

Certainly can't be blamed for everything they were there were structural deficits in place.

But He has He has made decision makes -- the situation much worse by the policies that he's adopted from those in Europe who who are who are the problems we're looking at today.

-- the -- so you've taken some swipes at Republicans about their vote on the debt ceiling when I was raised recently why.

What Dixon's this license.

And that you know they they didn't do what.

We needed to do be done we needed to balance the budget we need to limit the size and scale of government what they did with this proposal.

Was kick the can down the road that's you know they didn't get some cuts but it everyone knows those cuts in the first two years or small does of the other ones -- really can be controlled.

And then in two years.

Is there may be a new congress.

Hopefully not hopefully a new president.

And and maybe we can get more -- -- this presents reelected I can tell you those cuts are not gonna have to take place and -- you have this.

This promise.

May be some of somebody coming forward where they where they with a bill that that will reduce the deficit even more.

But it doesn't happen you're gonna cut defense spending which is the last thing we should do he's doing right now so I just think it was a bad deal and the -- I -- was that you -- You know three members of congress who who want to run for president who are out there talking about how they're gonna be the ones that.

That should lead the country and they couldn't even leave the Republicans to do what they said they wanted to do on voted against the Bill Self.

I don't know how -- can thank you can you what you wanna be president leave the country and if you can't -- congress.

Doesn't doesn't do you speak well for your ability to lead the country.

I so I assume by members of guys have a Michelle Bachmann never upset of Paul and represented to -- right look and the cutter right.

Magma copper recovery I mean -- the trade.

The I didn't say I didn't see any anybody following their lead or them -- no leadership role.

In this very critical time -- -- out -- saying they wanna leave the country and I think that's an issue the people need to look at.

I thought when we last spoke that what mattered most to me I got a rock.

Was a whole idea of a balanced budget amendment which does there will be a vote that balanced budget -- and I've always said as you know give the president everything now that He wants essentially and that Leo and that just hit the -- budget amendment because it's gonna take 567 years to get that -- to get that start I thought that's what you want it.

That's that's exactly what I want that I you know I would as I said from the very beginning not just on your show but before your show that.

We should have had a singular focus -- sat down the Tea Party the house the senate should have gotten together and said luck.

Well what we really want to accomplish is limited government.

And and they balanced budget the only way to accomplish that is to pass a balanced budget amendment passed in spending cuts right now as desirous is they are and as much as I support them.

Don't get us to that goal they they move this is we've seen.

They move us in the direction but if that's all we do which is that all all we did that everybody all the Tea Party folks all the conservatives were against it.

Because it didn't accomplish what our goal was we needed to focus on the long term.

And be willing to concede things in the short term to get to where we wanted to go and we passed the balanced budget amendment.

To the constitution which limited spending an 18% of GDP.

And -- -- -- were part of balanced budget going forward we would not be in the situation we were these credit markets -- -- to the markets today we would not be in the situation in Europe you would see.

That America is going to be sound stable going forward.

We wouldn't be giving that confidence to the markets -- to -- to it to the country that.

We were gonna -- government under control we were not going to be a become a socialist problem like Greece is becoming right now and we would have a completely different dynamic that we're looking at today.

-- -- thank you serves.

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