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And hello again from Fox News in Washington.
With fears growing about a worldwide double dip recession the stock market had its worst week since October of 2008.
Joining us not a talk about president Obama's plans is White House senior advisor David plot and mr.
block welcome back to Fox -- -- revenue growth.
I want to focus today on what President Obama has said and what he's doing whether he's living off.
To his rhetoric and let's Begin with what he's sad about raising taxes two years ago Curtis.
The last thing you want to do is to raise taxes in the middle of recession.
Because that would just suck up.
Take more demand the economy and put businesses.
In a -- -- Question if the president still believes what -- set -- not two years ago why is He proposing huge tax increases.
In the midst of what is very close to a reception well let's first talk about the president wants to do is cut taxes for just about everybody in America.
His plan would give the average middle class person 15100 dollar tax cut cut taxes for every small business -- So all we're talking about here is people at the very upper income spectrum now the president would -- to -- tax reform.
Which would obviously lower rates for most people in America and make the tax code fair and get rid of loopholes and special treatment but.
Passing tax reform the president believes the right way to get our fiscal house where.
Is that's the wealthy to pay their fair share but He is gonna continue as He has throughout his presidency.
Push to cut taxes for the middle class folks so that they obviously.
Can weather this economic turn better but also allows them to help the economy by being able to consume more but that mr.
Plotkin what you're talking about.
Is 200 billion dollars.
In tax -- that end in the next fifteen months.
You're talking about two trillion dollars in tax increases.
That will go along for the next.
-- Between his jobs plan and I wanna -- break this down -- that's important.
Between his jobs plan and cutting the deficit the president wants one and a half trillion dollars in new taxes over the next decade let's put it up on this -- Letting the bush tax cuts for the wealthy expire 866.
Billion limiting deductions for families making more than 250000 dollars a year 410 billion.
Closing loopholes and tax break 300 billion.
And on top of that on top about one and a half that trillion dollars -- -- 500.
Billion dollars another half trillion.
In new taxes to pay for Obama care for a total of two trillion dollars again let's go back to what the president said.
Two years ago.
That would just suck up and take more demand the economy and put businesses.
In a further -- He said raising taxes He wasn't talking about raising taxes on the middle wealthy -- whatever is of raising taxes.
We'll take demand out of the economy and -- businesses on a -- Was He right then or is He right now because He can't beat well first ball in his plan no there would be no tax increases on the wealthy.
-- -- -- -- -- -- -- Just as we have to make for the spending cuts -- -- carefully over time we do the same thing revenue again we have to reduce our deficit.
You know these are choices we have to make as a country.
So if we all agree we have to reduce the deficit by about four -- and are we gonna cut education by third ask seniors to pay 6000 dollars -- Medicare to pay for 200000 dollar tax cuts -- -- -- That's what you know Mitt Romney and Rick Perry -- the Republican congressional leaders wanted to.
Or are we gonna do spending cuts.
Modest adjustments to entitlement programs like Medicare and Medicaid.
And also ask the wealthy to pay their fair share but so this is the right approach for the country.
But and -- vast majority of people that that the job creators the small business owners they're gonna get tax cuts president's cut fifteen taxes for them over the for a first two years roughly.
-- -- it wants to do more every middle class family of 15100 dollar a tax cut so this is significant tax relief.
We just about everybody in the country had two problems it seems to me with what -- with what you say first of all.
You say well -- -- -- capital 2013.
I know the politicians.
Here in town and on the Republican campaign drop all their thinking about -- November 2012 but if you're a businessman.
You're thank him five years down the road ten years down the road so the idea well I'm a guy that.
A thousand dollar tax cut in 2012 but I'm gonna get two trillion dollars of tax increases over the next decade.
Dozens isn't likely to make them go out and hire more people I also want to get back to this issue.
A fair share where it would you keep talking about the president does put it up on the screen.
According to the nonpartisan Tax Foundation the 1% of households with the highest incomes.
Of federal income taxes the top 10% pay 70% of federal income taxes.
Meanwhile 46% of households.
Pay no federal income tax at all.
And the president thinks the.
-- Aren't paying their fair share.
Listen you can manipulate statistics in any -- you want.
The fact of the matter is there's twenty without you don't think that they top ten was an old spice -- well and they're connected got a ton of money it's 22000.
People differently and 70% of the tax when He 2000 millionaires.
Pay less effective tax rate under -- Under 15%.
So we had in equities.
The American people are screaming out saying it's unfair.
That the wealthiest the largest corporations who can afford the best attorneys to best accounts taking advantage of these special tax treatments -- lobbyist.
Have with along with lawmakers.
Have cooked the books here so the fact the question is how we're gonna move forward as a country.
Are we -- yes do some spending cuts they don't you know -- -- ability to do things like education and innovation and are we gonna.
Ask the wealthiest.
To pay a little bit more.
All our time has gone back -- and sun isn't enough well again they make a ton of money that statistic it's a and -- actually trying to tell us as well they did the question is in raw dollars that they -- gonna to be brought the question is.
From -- percentage standpoint they're paying less effective tax rate at Clark Russell.
It's got us out of that that's that's it is not want to 2000 at an edict that there may be a certain number -- talk about it unable to manipulate the numbers the fact is people the highest end of pay the highest percentage of taxes they paying a higher percentage than middle class people are.
It isn't as an effective tax rate so -- -- -- federal clash of pay more because that's what the Republican congressional -- -- and the planet Rick Perry nick Romney well some would say cut spending and -- -- talked about us not that's on the direction of my balance yes let's get back to this thing.
With the joint venture of the beginning of rhetoric and reality because here's what the president said just them.
Before being sworn in as president in 2009 mile making tough choices on the budget here and it's.
What we intend to do this year next year and all the years that.
I'm an office is to demonstrate our seriousness not by gimmicks not by punting to.
Future administrations the tough choices.
If the president believes that why is his new plan for deficit reduction filled with budget gimmicks.
It's not -- the budget gimmicks these are very very hard adjustments to make and Medicare and Medicaid.
A deep spending cuts we've already cut -- trillion dollars.
So that's been signed in a while we have more to do -- -- programs and some federal retirement programs these are tough cuts.
You know obviously.
We're getting criticized for a lot of so I'll tell I -- criticism you're getting is from.
It's from the Concord Coalition from the Washington Post editorial page from the from the commission for a responsible federal budget.
Nonpartisan groups or even liberal newspapers.
Case in point one trillion dollars of the three trillion dollars in deficit reduction the president calls for in his plan.
He is for not continuing to fight the wars in Iraq and Afghanistan.
The president is cutting money -- wasn't going to be spent anyway.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- You think that's a real choice and not a government.
Now because it is establishing hard caps and it's real savings over time the point here is that I'm not a war that we aren't (%expletive) it it would use here's the question -- Because this is a choice okay.
Let's -- through what what what the Republican congressional plan which is embraced by either Romney -- -- one of those is going to be a Republican nominee in all likely.
You rule it out -- can -- 200000.
Dollars in tax cuts new tax cuts this isn't protecting the old bush tax for the average millionaire.
By middle class people and senior citizens the country can't afford that right now so the president's approach here has tough spending cuts.
As well as some smart revenue.
By closing loopholes for the wealthiest you know what I wanna talk about these tough spending cuts the president calls for 320.
Billion dollars in savings from Medicare.
And Medicaid but it's all by reducing waste and payments improper payments there are no.
Cuts to beneficiaries.
No cuts to beneficiaries until 20s17.
When even if he's reelected President Obama.
Would already be out of office that's the kind of tough budget.
-- that the president was talking about well this is an up and and a lot of people and doing Medicare I believe the Ryan plan.
Had that kind of approach -- -- not gonna you don't want to Pollyanna I He had a how to trillion dollars in budget cut up over the next second term and I have -- -- well no we're not -- -- the Bryant -- know sample.
My point is this -- Which is you want to be.
Make sure that -- protecting current beneficiaries.
So this goes in in 2017.
Polite why -- -- company's president well because this is the right way to approach this is obviously a program that's very important to many people whose country has to be preserved.
You wanna handle adjustment smartly.
But it does have significant savings in the first ten years because the president's making some structural adjustments to Medicare.
On both -- provider side and a beneficiary side you get even bigger savings in the ten years after that.
So now the president's approach here is not to.
You know try and turn Medicare -- -- voucher program.
Stick the average senior with a 6000 dollar bill to -- huge tax cuts to billionaires which is what the other party wants to do for the most part.
We wanna preserve this program we're gonna have to make some tough decisions -- do that but we can vote -- our program.
And relieve some pressure on the federal deficit percent to.
The so called congressional super committee has to come up with one point two trillion dollars in cops.
The reduction reduction to the -- the city to -- tax increases or budget cuts by Thanksgiving -- not to get these automatic triggers.
Part of this thing is to limit deductions to the wealthy that has already been rejected by a democratic congress to help pay for obamacare.
This idea of just letting the bush tax cuts expire you know the Republicans won't go for that they've.
That's an article of faith on their part rightly -- -- -- Isn't the Obama plan really about running for president in 2012 and it's not about trying to solve our jobs -- debt problems now.
Now the president made the point in his speech to congress you know the elections not for fourteen months the American people don't have fourteen months the way we should act right now the American contact -- these players.
Offers his proposals to the super committee are non starters there well will say I think some of that -- it's the right direction for the country.
And we don't know what the super committees can ultimately do but we think that just is most of the spending cuts that -- signed into law by the president after the debt -- Came out of the -- the administration did and identified we think in terms of some of -- domestic spending cuts entitlement savings on the way to approach revenue.
Ought to provide a foundation on the American jobs -- the question is.
Or we can just gonna sit by and do nothing.
Or we gonna do something and we can do in a fiscally responsible way -- paid for.
To -- a huge number of people in this country put tax cuts into their pockets of every middle class -- and small business -- construction workers veterans teachers back on the job.
You don't beat the situation could not be more urgent.
And that's the task in front of congress right now.
Are they gonna answer that the call the American people which is to do something on economy right is He willing to go back briefly because I wanna get and a couple of other issues what is He willing to go back to a grand bargain.
With some -- with with Boehner revenue increases and even deeper cuts in entitlements listen the president laid out his view.
A what's the right way to put the country's fiscal house more so that we can live within our -- and still invest in things like education research and technology.
The president is gonna watch what happens in the super committee carefully.
We got close to a -- -- when John Boehner it would have been the right thing to do for the country.
Are you willing to put back there well listen we're willing to evaluate any sound proposal I will make this point about that what happened during the debt ceiling we're seeing in Alison debates in congress on.
-- the government function basically you're at a point now where roughly thirty.
Tea Party members of congress.
Our you know the Republican leadership is putting their demands ahead of -- -- of 300 million Americans and that has to stop.
Because we're not gonna make progress on deficit.
On things -- -- right now for jobs on tax cuts in less those.
Thirty or forty Tea Party members of the Republican House stopped being the focal point of our discussion figures in a holding.
The that the congress and the government hostage.
I think what they're doing is you know you can see any number of things that would get support in the senate that the president would sign with a 15060.
House Republicans and you know seven -- Democrats the entire approach is how -- we keep those Tea Party members happy.
And I think the country is tired because we are not gonna move forward together as a country and -- we do so in a bipartisan way OK we got about three minutes left -- to get through its.
-- -- -- -- This week the chairman of the joint chiefs admiral Mike Mullen made -- an astonishing statement.
That Pakistan a intelligence Pakistani ISI support of the insurgents who attack the American Embassy in Kabul question what does the president -- a -- Well for you know -- Admiral Mullen Secretary Clinton talk to their counterparts in Pakistan just this week -- we've made this point both publicly and privately.
That ties and safe havens and between any part of the Pakistani government military.
And how content network cannot be invited how we were cut off aid to Pakistan if they don't get the crackdown on the economy now we're we're -- you know obviously.
We have have have discussed that and in the past that that is something believe we've -- -- made.
The point is we're continue to make one now we've had great success that -- you know.
Twenty of the top thirty al-Qaeda leaders have been killed including Osama bin Laden so we're making a lot of progress there are an important partner in that effort but obviously we can on not a buy these -- Palestinian President Abbas indicates that He is going to reject a plan for renewed peace talks with -- Israel that was put forward by the US and other countries.
-- will the president do now to try to had a -- -- Palestinian.
At a vote in the UN for Palestinian statehood.
Was president made clear He thinks the path two -- two state solution here is not through the -- through direct negotiation of the quartet.
Statement pointed out that that was right pathway so we're gonna continue to make the case that direct negotiations the way that we can have a a free and independent Palestine -- and state.
And a secure.
Jewish State of Israel.
Finally we got about a minute left the government runs out of money next weekend.
-- disaster relief team out runs out of money perhaps by Tuesday.
Congress is once again deadlocked over this idea but continuing resolution to keep financing the government.
Does the president have a solution or is He basically gonna cite a congress it's -- Well listen this is a basic function of congress which is the key to government run.
And so what we ought not do is play politics -- those -- been afflicted by disasters.
We shouldn't have.
Offsets in their that would at the chamber of commerce has said.
Automobile program that they went and got would cost 20000 jobs this is a chamber of commerce.
That helped elect many of these Republicans we've already agreed as a country now's the wealth of the -- -- negotiations how much money -- instead they should not be controversial so stop playing politics.
Do the right thing for the country.
And let's make sure that we're not playing politics -- disaster.
The -- want to thank you for coming in today always a pleasure to talk with the use -- and Presley's comeback.
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