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Gene Sperling Defends the American Jobs Act

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    National Economic Council director on 'Fox & Friends'

  • Duration 7:46
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This morning the president last night laid out in 45 minutes 447.

Billion dollars in a jobs plan that He hopes -- get Americans back to work.

President Obama's National Economic Council director Gene Sperling joins us live from the White House briefing room good morning Eugene.

Good morning.

-- the president said last night no I know that it's a big price tag but it's all paid for.

But it sounds like he's having the super committee figure out where how it's gonna get paid for it is that wrong.

That is wrong the president is asking everyone to step up their game -- what He made very clear last night is that.

When our economy needs right now is it needs bold action to get jobs.

Going to get growth going in the short term but that we have to do that in the context of a long term plan right wingers really for actually funny penny of your jobs plan.

And you bring the deficit and you got down.

But He also said very specifically that He was gonna put out.

His own specific deficit reduction plan on September 19 in which He would lay out.

The exact details that would show people how we're gonna get our deficits debt down.

Stabilize and pay for the jobs that which is so critical right now and it's being projected by many independent.

Of drivers to -- nearly two million jobs next year or something this economy.

And our people our veterans -- -- -- to look at this fourteen million -- -- we need now look at it this gene realistically here's the common ground would I think will be easier to pass you stop me if I'm wrong.

I think Republicans will be on board with the small business spot tax cuts at 65 billion I think he'll be on board.

With with a payroll tax decreases which you discuss it was gonna -- -- 240 billion.

Which -- gonna have some trouble as you think -- I think you know with the fifty billion for roads transit and rail.

And some of these so called shovel ready projects how do you expect to turn Republicans around.

Well you know first of all I think it's just very important that they recognize.

That we know is not an option -- -- -- -- option.

So of course we're gonna welcomed the parts of the plan where they do support what the president's call Iraq War.

And I think things like transportation let's remember have been bipartisan in fact.

We have -- -- Republican congressman as our secretary of transportation.

And I actually think that.

Infrastructure investment has been one of the bipartisan things in this town let's remember recently rich -- ahead AFL CIO and Tom -- who -- the chamber of commerce.

You and I know both know they don't agree on a lot.

They agree that we need major infrastructure spending so I do think that there is no real hope that that type of job creating.

Infrastructure investment in our future helping productivity of our businesses can be part of the pack and.

-- strung let's talk about taxes and with the president's plan is for raising that he's talked about how it's not fair that you know millionaires and billionaires -- are perhaps not paying.

Their fair share but He also said previously that He wouldn't raise taxes in -- recession let's just remind viewers of that moment.

Scott Ferguson.

He's upset about taxes He -- explain how raising taxes on anyone.

During a deep recession is gonna help with the economy -- His right normally you don't raise taxes the recession which is why we haven't had.

And that's why we've instead cut taxes so.

I guess what -- -- -- -- his economics are right you don't raise taxes in a recession.

We haven't raised taxes recession.

And this is throwing some people think that we are seeing a double dip recession so what's the the thinking.

Another is for it -- the thinking is that we are not -- have any revenues go up.

This year or next even on high income Americans so what the president was saying was that.

We need to.

Take bold action now to get our growth going again we've seen people -- -- growth to be 2% higher -- Katrina we recovering a strong recovery.

Two million jobs is just came out today from mark sandy.

Who is a former advisor to the McCain campaign said this could create one point nine million jobs.

But I'll be very very clear we are not for even though we do believe.

The taxes on people like Warren Buffett the most fortunate have to be part of us getting our long term deficit down.

Even they -- we're not calling for any revenue increases this year or next okay we wanna do everything we can't keep this recovery.

To take hold so how Lucy tell me gene gives -- -- the great numbers guy.

Tell the American people how this is going to be paid for everybody wants a great new bridge -- a great new road but is it at the cost of our deficit.

Is this another stimulus.

This as we said this is going to be paid for every single penny and no we we those of us who work on the -- economic team have worked at the same time.

They're working on the details right now of how exactly we will pay for this and still have.

The addition -- a reduction a to hit that commitment of congress the congressional bipartisan agreement and most importantly to get our -- stabilizer that coming down -- percent of GDP.

And the president will put out every detail -- it will include additional entitlement cuts the president mentioned it usually -- It even Medicare and Medicaid savings are gonna -- on the table but it will include asking the most fortunate.

To pay more their fair share but I can't play -- as the -- Not out of class warfare that just to make sure that we have shared sacrifice that we have a balanced steps reduction plan and that will benefit everyone in our country.

If we have that confidence in the long term.

And the effort to get short term growth short term job creation.

She used you say if not class warfare and you -- millionaires and billionaires are gonna have to have you know.

Pay their fair share but there are what is it 47%.

Of Americans pay zero federal income tax so what's fair about that.

Well that's not that's not the case you know for example every American.

Who works pays payroll -- I -- since Pedro -- federal income tax.

They -- well these are federal taxes they pay they're talking acrobat income tax.

You know what.

I guess one place we disagree you know President Bush former probable presence former Republican aides thought it was a positive thing.

When you could have tax reform that helped reduce the taxes or even make.

Some hardworking Americans police officers firemen others teachers -- in a situation where they don't have to.

Still pay additional federal income taxes -- because they're paying state taxes.

Payroll taxes you know I don't think these those Americans are talking about think they're being taxed too little.

And the price and that they would not benefit from a payroll tax cut them with another thousand or 15100 dollars right in their pocket and gives you like hire the very place in the most successful.

Are you an awful lot and they being vilified an awful lot over the last two and a half years whenever one through open -- the businesses and hiring the people.

And also getting criticized for not open up more businesses and hire more people.

First -- with president was doing was putting on the table things that would make it easier for small businesses cut their costs.

As you said -- incentives to hire.

New people more customers by having a strong payroll tax cut.

As I think you -- -- at the beginning of the show these are the type of things.

Republicans have supported in the past think could be very much part of a plan we hope that they'll also see the benefit in modernizing our schools making sure all schools have.

That science labs getting jobs.

In the short term but also investing long term -- our kids future but we agree it has to be paid for we're not playing you're having any revenue increasing in the next this year -- next.

And you'll see the details of the -- -- deficit reduction plan in the next two weeks and.

-- look -- that Gene Sperling National Economic Council director thanks so much for taking time to talk to us.

Thanks for having me.

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